MUMBAI Indian personal care products maker Godrej Consumer Products Ltd (GOCP.NS) said it will increase its stake in African hair-care firm Darling Group that will give it control of the latter's Nigerian business.
Godrej Consumer has entered into an agreement to increase its 51 percent stake in Darling Group, the company said in a statement on Tuesday without giving further details.
The Indian company had picked up a majority stake in Darling Group in June 2011 for 5 billion rupees ($79.8 million)
The deal was structured to allow Godrej the opportunity to acquire 100 percent in the African company after 5 years at a predetermined valuation.
The move is in line with Godrej's intention to take full control of Darling's businesses, the statement added.
Indian consumer product makers like Godrej have been busy buying up assets in Africa, where spending power is on the rise, in an effort to offset rising costs and fierce competition squeezing profits at home.
(Reporting by Nandita Bose; Editing by Prateek Chatterjee)