FMCG player Dabur on Monday said it has acquired Turkish personal care firm Hobi Kozmetik Group for $69 million (about Rs 324 crore), the company?s first-ever overseas acquisition, to strengthen its presence in West Asia and North Africa.
“This acquisition is an important step towards consolidating and expanding our already presence in West Asia and North Africa,” Dabur India chairman Anand Burman said.
At present, Dabur is present in over 60 countries through its subsidiary Dabur International. The company said it has fully acquired three Hobi Group firms– Hobi Kozmetik, Zeki Plastik and Ra Pazarlama-through its overseas subsidiary Dabur International. The transaction is expected to be completed by the third quarter of this fiscal. ?The acquisition offers Dabur an entry into an attractive new market like Turkey and broadens our portfolio with a host of popular international brands that enjoy pole position in their respective categories”, Dabur India CEO Sunil Duggal said. Set up in 1974, Hobi Kozmetik is a personal care brand in Turkey and sells a range of hair and skin care products under ‘Hobby’ and ‘New Era’ brands across 35 countries. “The brands complement Dabur?s portfolio, offering us a strong platform to enter newer product categories and markets”, Duggal added. This is Dabur’s first major acquisition after it bought 72.15% of Mumbai-based Fem Care Pharma Ltd (FCPL) for Rs 203.7 crore in an all-cash deal in 2008.