FMCG player Marico today said it has inaugurated its third manufacturing facility in Egypt, which has been set up at a cost of $3-3.5 million.
"The investment in the first phase is to the tune of $3-3.5 million. This is our third unit in Egypt and the first greenfield project for us in that country," Marico CEO (International Business) Vijay Subramanian told PTI.
The unit will employ about 200 people and will produce hair care products.
"The new unit will cater to the MENA (Middle East and North African) region, which contributes one-third of the company's revenues from its international business," Subramanian said.
He said Marico enjoys leadership position in hair care space with over 60 per cent market share in hairstyling category and its brands--HairCode and Fiance--are also exported to neighboring Arab countries.
Marico's international business contributes about 17 per cent of the overall revenues to the company.
The company had reported a turnover of Rs 603 crore in the quarter ended September and Rs 1,907 crore in the last fiscal.
The company also has manufacturing facilities in South Africa and Bangladesh apart from the three in Egypt, he said.
In India, Marico has six facilities in Pondicherry, Goa, Dehradun, Daman, Jalgaon and Kanjikode (Kerala).
