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10 July, 2020 05:46 IST
Dabur acquires personal care business of CTL Group
Source: IRIS | 02 Nov, 2016, 10.04AM
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FMCG major Dabur is planning to acquire the personal care, hair care & creams businesses for 18.8 million ZAR (around USD 1.5 million). The acquisition will mark Dabur's foray into the burgeoning South African personal care market.

Under the agreement, Dabur South Africa, the wholly-owned subsidiary of Dabur International will acquire the South African business of development, manufacturing, packaging and sale of personal care products (Hair Care and Creams) of CTL Contracting Proprietary Limited, in addition to certain equipment of Carbotec Laboratories Proprietary Limited and immovable property from CTL Management and Personnel Services Proprietary.

''With this acquisition, Dabur has consolidated its position as a leading player in the global Personal Care products market. This acquisition represents a significant step for Dabur in our strategy to accelerate growth in the international market, particularly Africa. We have identified expansion of our hair care business in Africa as a strategic priority. Today's announcement marks an exciting new chapter for Dabur. This transaction will help Dabur strengthen its position in the South African market and establish a local supply chain,'' Dabur India, chief executive officer, Sunil Duggal said.

The acquisition of the businesses of CTL Group is an important step towards further consolidating and expanding Dabur's already substantial presence in Africa. ''It will serve as one of the key pillars in strengthening our competitive position in the African continent. The strategic acquisition, which will help advance our Personal Care business in Africa, ushers in a new and exciting era of robust growth at Dabur. We expect this transaction to provide a tremendous platform for value creation in Africa,'' Duggal added.

Shares of the company gained Rs 0.75, or 0.26%, to trade at Rs 290.80. The total volume of shares traded was 29,057 at the BSE (9.51 a.m., Wednesday).

Dabur India Limited   (Q,N,C,F)*

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