FMCG major Jyothy Laboratories on Wednesday said it acquired 14.90% stake in Henkel India from Tamilnadu Petroproducts for R60.73 crore, at R35 per share.

Jyothy said it will also participate in the bidding process to gain Henkel AG?s 50.9% stake in Henkel India.

?Both Jyothy Labs and Henkel India have synergy in various business segments, as both are present in home care, fabric care, dish wash, personal care and household cleaning segments,? Jyothy Labs said in a statement. MP Ramachandran, CMD, Jyothy Labs, said the company saw a value-added proposition in the stake purchase.

Shares of Jyothy down 0.44% to close at Rs 228 on the BSE on Wednesday. Henkel shares were up 5% to close at Rs 45.35.

Henkel India, the Indian venture of the German consumer products company, had said in February that it plans to sell its hair care division.

Jyothy Labs was founded in 1983 by MP Ramachandran and over the years, the company has evolved from a single product proprietary firm into a multi-brand company involved in the manufacturing of products in fabric care, mosquito repellant, surface cleaning, personal care and incense sticks.

The company has 28 manufacturing facilities in 16 locations. It has recently forayed into service sector to provide world-class laundry at affordable prices through its subsidiary Jyothy Fabricare Services.

Henkel India was incorporated in 1987 as a joint venture between Henkel AG & Co. KGaA, Germany (Henkel) and Tamilnadu Petroproducts (TPL) to manufacture eco-friendly zeolite based phosphate free detergents under the name Spic Fine Chemicals. It was rechristened Henkel Spic India (HSIL) in 1996. The plant at Karaikal commenced the commercial production of detergent bar, powder and zeolite during March 1993.

The plant has a capacity of 30,000 MT of detergents and 10,000 MT of zeolite.

Subsequently during August 5, HSIL was merged with Henkel India (formerly known as The Calcutta Chemicals Company) HSIL accessed capital market during the years 1992, 1994 and 1999, the shares being listed with Mumbai, Kolkata and Chennai stock exchanges.