Homegrown fast moving consumer goods major Godrej Consumer Products has raised its stake in DGH Phase 2 Mauritius, a company that owns Kenya’s Style Industries. The transaction is for an undisclosed amount.
“The consideration is payable in cash. In view of confidentiality, the amounts are not disclosed,” Godrej Consumer said in a notice to exchanges on Wednesday.
Style Industries in Kenya is a part of the African hair care company Darling Group.
Godrej Consumer had acquired a 51% stake in the Darling Group in 2011 and announced in 2014 it would acquire remaining 49% in phases. The Darling Group operates across 14 countries in Africa.
The stake increase in DGH Phase 2 Mauritius, which owns Kenya’s Style Industries, is a part of the plan to enhance its stake in the various Darling Group operations spread across Africa in a phased manner.
Godrej Consumer shares were trading flattish at Rs 1,252.50 in morning trade on Wednesday, versus the previous day’s close of Rs 1,252.85.