Godrej Consumer Products has strengthened after announcing that it had entered into an agreement to acquire the Nigerian beauty brand Tura. The stock is trading at Rs 279, higher by Rs 8 or 2.9%, on the BSE. The shares had opened at Rs 278, which also happened to be the day's lows, and have touched a high of Rs 282 thus far.
The deal size has not been disclosed, but industry sources said it could be worth Rs 400-500 crore.
The current management will stay in charge of Tura, which generates an annual turnover of $50 million.
Tura is a subsidiary of the 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 such as soaps, moisturising lotions and toners. Its medicated soap is among the top three in its category in Nigeria.
