In this role, Barun will be spearheading Henkel India's transport and metal business, which comprises adhesives, acoustics and structural, cleaners and lubricants, metal coil, sealing and coating and surface treatment steering units, it added.
Price at which stake can be bought will be decided mutually and it cannot be less than Sebi guidelines, says K Ullas Kamath, Joint MD and CFO of Jyothy Laboratories.
The investment is part of its global strategy to strengthen presence in the emerging markets. Maharashtra Chief Minister Devendra Fadnavis along with Jeremy Hunter, President Henkel Group India, will lay the foundation of the plant on June 11 at Kurkumbh, near Pune.
Henkel's key brands--Henko detergent and Pril dishwash liquid--have strong brand recall in South India, and even two years after acquiring the company, Jyothy hasn't been able to penetrate the Northern markets in a big way.
Detergent maker Jyothy Laboratories on Friday said its board has approved the amalgamation of Henkel India with itself.
Jyothy Laboratories’ founder M.P. Ramachandran and deputy Ullas Kamath held on for a decade to pocket the failing Indian unit of Germany’s Henkel.
Henkel India’s first quarter consolidated (January-March) net loss widened 34% year-on-year to Rs 18.33 crore due to a decline in sales.
Jyothy Laboratories shares fell 3.5% to Rs 215.50 Friday on concerns that the detergent maker will be burdened with a lot of debt after buying out German Henkel AG’s stake in Henkel India.
Indian fabric whitener and detergent maker Jyothy Laboratories is in advanced talks to buy Henkel AG's 51% stake in its Indian arm Henkel India for Rs 900 crore (USD 202.8 million), three sources with direct knowledge of the development told Reuters.
Germany's Henkel AG has begun the process to sell its portfolio of Indian detergent and personal care brands, along with the manufacturing facility at Karaikal in Tamil Nadu, reports The Times of India.
Ulhas Kamath, Deputy Managing Director of Jyothy Laboratories, told CNBC-TV18 that contrary to the market speculations, the company is not looking at acquiring the Indian assets of Henkel AG. “We have our own plans on organic growth and we are not looking at Henkel as an asset in our portfolio,” he asserts.