BENGALURU (Reuters) – Indian consumer goods company Godrej Consumer Products Ltd on Thursday said it would buy the fast-moving consumer goods business of Raymond Consumer Care Ltd for 28.25 billion rupees ($345.2 million).
Raymond Ltd’s popular personal care brands such as the Park Avenue deodrants and Kamasutra condoms are being sold to Godrej Consumer Products as part of the deal.
“This acquisition allows us to complement our business portfolio and growth strategy with under-penetrated categories that offer a long runway of growth,” said Sudhir Sitapati, managing director and chief executive officer of Godrej Consumer.
Shares of Godrej Consumer, which owns personal and home care brands such as Cinthol soap and Good Knight mosquito repellent, closed 2.3% lower ahead of the announcement, while Raymond rose 6.4%.
($1 = 81.8375 Indian rupees)
(Reporting by Biplob Kumar Das in Bengaluru; Editing by Varun H K)
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