Godrej Consumer Products (GCPL) has acquired Indonesia-based PT Megasari Makmur Group for an estimated INR1,200 crore (INR12 billion, USD271 million), its biggest buy so far.
The INR600 crore (INR6 billion, USD135 million) Megasari Group is a manufacturer and distributor of household products, which include household insecticides, wet tissues and air fresheners.
This is GCPL’s biggest purchase deal so far and also the third largest acquisition by an Indian company after the Tetley and Glaceau buyouts made by the Tata Group. According to analysts, mid-sized Indian fast moving consumer goods companies are well positioned to follow suit in similar acquisitions, especially while the rest of the world is still recovering from the 2009 global crisis.
(Source: The Hindu Business Line)