FMCG firm Godrej Consumer Products has entered into a pact with Darling Group to increase its holding in the African hair care company's South Africa and Mozambique businesses by nearly 5 per cent.
"GCPL has entered into an agreement with the Darling Group for increasing its shareholding in Darling South Africa and Mozambique businesses by 4.63 per cent, in line with its intent of gradually scaling up its ownership of the Darling businesses," GCPL said in a filing to the BSE.
Godrej Consumer Products Ltd (GCPL) had completed the acquisition of 51 per cent stake in Darling South Africa in September 2011 and in Darling Mozambique in October 2011.
Darling Group Holdings operates in 14 countries across Africa, selling hair extension products under brand names like 'Darling' and 'Amigos'.
Besides having stake in Darling Group, GCPL had also acquired South Africa's Kinky Group in 2008 and hair colour brand Rapidol in September 2006.
Kinky offers a variety of products, including hair, hair-braids, hair pieces, wigs and wefted pieces.
The Mumbai-based firm had also acquired Nigeria's personal care brand Tura from the Tura Group for an undisclosed sum in 2010. Tura's product range includes soaps, moisturising lotions and skin-toning creams.
GCPL share today closed at Rs 741.1 on the BSE Sensex, down 1.76 per cent from its previous close.