Wipro Ltd has said it will fully acquire LD Waxsons Group, a Singapore-based fast moving consumer goods (FMCG) company for an all cash consideration of about $144 million (nearly Rs.790 crore).
LD Waxson Group is a leading firm with a wide portfolio of brands, including leading skin care brands Bio-essence and Ginvera, and health care brand Ebene. The company has manufacturing facilities in China and Malaysia and a strong footprint in Singapore, Malaysia, China, Taiwan, Hong Kong and Thailand.
The group had revenues of about $68 million in FY12.
Wipro said it has signed a definitive agreement to acquire 100% shareholding of the LD Waxsons Group. The transaction is expected to be closed within the next two months, the company said in a statement.
“We see LD Waxson as a good strategic fit. This transaction helps us consolidate our successful facial skincare business in Malaysia to a dominant leadership position, and moves us to market leadership in Singapore as well,” said Vineet Agrawal, President, Wipro Consumer Care and Lighting.
Post acquisition, Wipro will take lead position in the facial skincare market in Malaysia and Singapore, expand its presence in China, besides enhancing its market position in other Asian markets, the company said.