Godrej Consumer Products Ltd (GCPL) today said it had entered into an agreement to acquire Nigerian beauty brand Tura. The deal size was not disclosed but industry sources said it could be worth Rs 400-500 crore.
The current management will stay in charge of Tura, which generates annual turnover of $50 million.
Other Indian companies like Wipro, Dabur and Marico are believed to have been in race, as many of them have been trying to increase their presence in Africa, where income levels and product choices of consumers are similar to those in India. In India, scope for inorganic growth is limited as there are not many targets that are attractive and available.
“Tura helps us leapfrog in our endeavour to build a pan-African presence for our core categories such as personal wash and hair care,” GCPL Chairman Adi Godrej said in a statement. This acquisition follows the company’s acquisitions of the Rapidol in 2006 and Kinky in 2008 in South Africa. Both are hair care brands.
Tura is a subsidiary of UK-based personal care company Lornamead, which last year sold its Yardley business to Wipro Consumer Care & Lighting.
Tura has a strong presence in Africa’s skincare market with a range of products like soaps, moisturising lotions and toners. Its medicated soap is among the top three in its category in Nigeria.
“We expect the transaction to provide a tremendous platform for value creation in West Africa,” said Dalip Sehgal, GCPL’s managing director. “...we are committed to delighting the African consumer with our portfolio of superior quality products at affordable prices.”