Godrej moves into new terrain; buys Nigeria's Tura brand
13 March 2010
Leading manufacturer of fast moving consumer goods, Godrej Consumer Products, is acquiring the `Tura' brand, one of the leading personal care brands in Nigeria, from the Tura Group.
The company has not undisclosed the deal amount.
Experts see this acquisition as the company's strategy to enter Nigeria and other West African markets.
"Tura helps us leapfrog in our endeavor to build a pan-African presence for our core categories such as personal wash and hair care," Godrej Consumer Products (GCPL) chairman Adi Godrej said in a statement.
The Tura acquisition is the third one by GPCL in the African continent in the past two years.
In November 2008, the consumer goods major acquired 100 per cent stake in Kinky Group (P) Ltd of South Africa for around $33 million (See: Godrej completes acquisition of South Africa's Kinky).