The deal was made through Godrej East Africa Holdings, its wholly owned subsidiary.
Godrej Consumer Products acquired the balance 25 per cent in Canon Chemicals for an undisclosed amount. Following the completion of the acquisition, the Kenya based firm will become a wholly owned subsidiary of Godrej Consumer.
The transaction was made through Godrej East Africa Holdings, its wholly owned subsidiary. The company had earlier acquired 75 per cent stake in Canon Chemicals in 2016 at an undisclosed sum. Godrej Group firm had earlier said that the deal reflected its commitment to scaling up its presence in the African continent. The company has done substantial acquisitions in the past to strengthen its presence in the subcontinent. Canon Chemical is involved in manufacturing and distribution of products such as air fresheners, detergents, petroleum jelly lotions, detergent, candles.
In the last quarter, Godrej Consumer's revenue from Africa market was at $63.97 million.