Marico today announced its entry into the South African ethnic hair care and health care market, with the acquisition of the consumer division of Enaleni Pharmaceuticals.The compnay has purchased 100% shares in Enaleni Pharmaceuticals Consumer Division (EPCD), an Enaleni subsidiary. The deal is valued at South African Rand (ZAR) 92.8 million (about Rs 52 crore).Announcing the acquisition in Mumbai, Harsh Mariwala, Marico group chairman stated "I am delighted at this acquisition - it provides us an opportunity to participate in the rapidly growing ethnic consumer products marker in South Africa. I am personally excited about this opportunity - it helps us extend the Marico footprint to a new geography with potential, thus taking us a step further towards becoming a global player in beauty and wellness,"The acquisition comes with integrated operations, including manufacturing facilities at Mobeni, Durban, along with a team of about 100 members. EPCD will continue to be headed by John Mason, who will now be the managing director of Marico's operations in South Africa.The deal provides value to both the parties. For Enaleni, it gives sharper focus on their significantly larger core business in pharmaceuticals. For Marico, it provides an entry in South Africa, through successful brands, The Marko group plans to finance the acquisition through a $ denominated term loan.
