Godrej Consumer Products buys 2 haircare cos in Zambia, Senegal

Godrej Consumer Products (GCPL) Tuesday said it has acquired two newly set up haircare firms in Zambia and Senegal to ramp up presence in African market.GCPL, through its Africa-based step down subsidiary Darling Group has acquired 100 percent shares in Hair Credentials Zambia and 51 percent in Weave Senegal.

"The target companies will now start their operations in the respective geographies," GCPL informed BSE.

It has acquired "100 percent consideration in Zambia and 51 percent in the entity in Senegal," GCPL said.

The company further informed that it has paid "nil consideration" for acquisition as "the target entities are newly formed and will be capitalised as required for their operation from time to time".

Both the companies will start their hair extension and haircare business in their respective countries, GCPL said.

Earlier on April 1, GCPL had announced to acquire US-based Strength of Nature LLC, a leading company of haircare products for women of African descent.