Godrej Consumer to acquire South African hair brand

Mumbai, Jan 22 (PTI) FMCG major Godrej Consumer Products on Tuesday said it will acquire the South African hair brand 'Kinky'.
    
Godrej Consumer Products on Tuesday signed an agreement to acquire the 'Kinky' hair business in South Africa, which is a self created premium brand and the trademark is registered in several countries of the world, the company said in a filing to the Bombay Stock Exchange.
   
"This acquisition enables us expand into a new line of business and diversify our hair product portfolio. The acquisition of a reputed brand like Kinky will enable us to strengthen our portfolio of product offerings in South Africa," Godrej Consumer Products Chairman and Managing Director Adi Godrej said.
   
"This acquisition is our fourth and considerably enhances our scale and size as an Indian FMCG player in the International arena. We are excited about the opportunities, this transaction offers," he added.

Shares of the company were trading at Rs 105, down 6.33 per cent on the BSE in morning trade.