Godrej buys Argentina-based Argencos

Argencos is a perfect,complementary add-on to our earlier acquisition of Issue Group. I expect the combination of the two businesses to set us on a firm footing in achieving our plans for Latin America,Chairman Adi Godrej said in a statement to the stock exchange.

The two companies provide us with a tremendous platform for establishing a strong presence in the fast growing hair colour markets in Latin America,he added.

The combined sales of the two acquisitions is estimated to be over 45 million,with the equity value of both the purchases being an approximate 43 million,the firm said.

Godrej had earlier told Reuters,it would raise a total equity of 6-7 billion rupees via qualified institutional placement or private equity or both and the rest will be raised through debt.

The Indian firm has been on an aggressive acquisition spree in a bid to have its presence in hair colour,insecticides and soap businesses in Asia,Africa and Latin America.

Godrej recently acquired the balance 51 percent stake in its Indian joint venture with Sara Lee Corp,Godrej Sara Lee,which is now renamed as Godrej Household Products Ltd.

It also acquired Nigerian personal care company Tura and Indonesian household care company Megasari earlier this year.