New Delhi [India], April 28 : Godrej Consumer Products Limited has announced that it has entered into an agreement to acquire the fast-moving consumer business of Raymond Consumer Care Limited, a leading player in the deodorants and sexual wellness categories in India.
Raymond Consumer Care Limited has two key brands - Park Avenue and Kamasutra.
The indicative time period for completion of the acquisition is expected to be May 10, 2023. The cost of acquisition is Rs 2,825 crore.
Raymond FMCG business is being sold to Godrej Consumer Products along with the trademarks of Park Avenue, KS, KamaSutra and Premium, through a slump sale, Godrej Consumer Products informed stock exchanges on Thursday.
"This acquisition allows us to complement our business portfolio and growth strategy with under-penetrated categories that offer a long runway of growth," said Sudhir Sitapati, Managing Director and CEO, of GCPL.
"These categories have the potential to deliver double-digit multi-decade growth given the low per capita consumption in India compared to similar emerging markets."
According to Atul Singh, Group Vice Chairman, Raymond Group, "We have divested our FMCG business with trademarks of Park Avenue, Kamasutra for FMCG categories to Godrej Consumer Products. We take pride in building strong homegrown brands that are amongst the leaders in their categories. Having brought these brands at the forefront of consumer recall, we believe that Godrej Consumer Products will provide the requisite impetus to further drive the growth of these brands."
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