Jyothy Laboratories today said its subsidiary has fully acquired Delhi-based laundry player Diamond Fabcare Private Limited (DFPL) for an undisclosed sum.
Jyothy Fabricare Services Limited (JFSL), a subsidiary of Jyothy Laboratories Ltd (JLL), has acquired a 100% stake in the Delhi-based laundry player DFPL, the company said in a statement.
The acquisition comes within a week of JLL acquiring a 14.9% stake in Henkel India for Rs 60.73 crore.
"In a move to enhance our growth geographically and spread our reach in the Northern belt, we acquired the Delhi-based laundry major," Jyothy Laboratories CMD M P Ramachandran said.
DFPL, has 62 outlets across Delhi, Noida, Gurgaon and Ghaziabad. The Delhi-based laundry player has a significant presence in the institutional and retail segments, with 'Wardrobe' being its most popular brand.
"There is lot of synergy between us and Diamond Fabcare. Our expertise and domain knowledge will help us to further grow the Northern market," Ramachandran added.
In November, 2009, JFSL launched Fabric Spa in Bangalore with an initial investment of Rs 35 crore.
Shares of Jyothy Laboratories were trading at Rs 204.90 apiece in the late afternoon on the Bombay Stock Exchange today, up 3.02% from their previous close.