Marico may buy Egyptian skincare brand

The Indian consumer goods maker is said to be close to buying Egypt's Fiancee for $15-22 million.

Indian consumer goods maker Marico Ltd is close to buying Fiancee, a skincare brand owned by Egypt's Ready Group, for Rs 700 million to 1 billion ($15-22 million).

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"A formal announcement is expected in the next couple of days," a leading business paper said, citing unnamed sources.

A company official did not return a call seeking comment.

Marico has said it would look at acquisitions and new markets in southeast Asia and Africa for its portfolio of hair oils and hair creams, baby care and ayurvedic products.