FMCG major Marico today said beauty and wellness categories will be its main growth drivers in the coming years and it is open to acquisitions in these segments.
“Beauty and wellness will be main categories to drive growth for the company,” Marico Chairman and Managing Director Harsh Mariwala said.
Marico has a wide range of products from cooking oil under the Saffola brand to personal care labels,including Parachute,Hair & Care,Nihar,Livon,Setwet and Zatak.
Speaking on the sidelines of an event organised by industry body Ficci,Mariwala said the company was open to taking the acquisition route to grow its beauty and wellness categories.
“Any acquisitions we do,will be in these areas. We are open to inorganic expansion. Acquisitions will be made whenever there are right opportunities,” he said.
On being asked the geographical areas the company is looking at for expanding its footprints,Mariwala said the company is looking at emerging markets in Asia and Africa.
In February this year,Marico had entered into an agreement with Reckitt Benckiser to acquire the personal care business of Paras Pharmaceuticals for an undisclosed amount.
Reckitt had acquired both pharmaceuticals and personal care business of Paras Pharmaceuticals for Rs 3,260 crore in April 2011.
Earlier in April,this year Marico had said it will sell 4.56 per cent stake in the company to two foreign investors for up to Rs 500 crore to fund acquisition of the personal care business of Paras from Reckitt Benckiser.
The company had posted a rise of 45.39 per cent in its consolidated net profit to Rs 125.78 crore for the first quarter ended June 30 this year,on account of robust sales
growth in domestic as well as international markets.
The company is currently present in more than 25 countries across Asia and the African continent.
Shares of Marico today closed at Rs 206.35 per scrip on BSE,down 0.60 per cent from its previous close.