Marico up on buying Paras personal care brands from Reckitt

Moneycontrol Bureau
 
Marico shares surged over 4% on Thursday morning on the FMCG player's acquisition of personal care business of privately held Paras Pharmaceuticals from UK's Reckitt Benckiser.

Reckitt Benckiser had acquired Paras Pharma in December 2010, but had later said it would only focus on the company's healthcare business. The transaction envisages transfer of all key assets including intellectual property rights, supply agreements and third party manufacturing agreements to a separate company, in which Marico will acquire 100% shares, it had said late Wednesday. "It fast-forwards our journey towards creating a portfolio for the future with a significant presence in the male grooming and post wash hair care segments," Saugata Gupta, CEO, consumer products business had said. The biggest benefit for Marico is that it gets hold of three key brands