Marico buys consumer goods division of South Africa''s Enaleni for Rs52 crore

31 October 2007

Mumbai: Cosmetics and consumer goods company Marico Ltd has acquired the consumer division of South Africa''s Enaleni Pharmaceuticals Ltd for about Rs52 crore.

Marico said it plans to finance the deal through a US dollar-denominated term loan.

The deal, clinched through a bidding process, marks Marico''s entry into the South African haircare market, India''s top hair-oil maker said in a statement.

"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," chairman Harish Mariwala said.

Marico manufactures and markets the Parachute, Nihar hair-oil brands and the Saffola edible-oil label in India.

Enaleni would use the money from the sale to reduce debt and fund pharmaceutical growth, the South African company said in a separate statement.