French firm BIC hikes stake in Cello Pens to 100%

BIC Group, the France-based stationery products maker, has increased its stake in Cello Pens to 100 percent by buying remaining stake of Cello Group for Rs 540 crore (approximately Euro 74 million). As per the annual report, BIC had increased its stake in Cello to 75 percent in July last year.
 
India is one of the largest and fastest growing stationery markets in the world, driven by increasing consumer purchasing power and literacy rate. Founded in 1995, Cello Pens is the country’s largest manufacturer and distributor of writing instruments benefiting from a broad portfolio of quality products and a countrywide, as well as international, distribution network.
   
Combining the number two stationery worldwide leader and the leading Indian writing instrument manufacturer, this acquisition will help to accelerate Cello Pens growth in India and support its integration within the BIC Stationery Category, with a focus on investing in local manufacturing, safety, and quality, said BIC Group in a press release.
 
Bruno Bich, chairman of the board, BIC, said, “Moving to 100 percent ownership in Cello Pens is an opportunity to reinforce our position as India’s number 1 writing instrument brand and to further BIC’s development in Asia. We are confident in Cello Pens’ multicultural management team's abilities to leverage the strong asset that is the Cello brand, driving toward strong mid and long term growth potential.”