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| Godrej eyeing acquisitions; plans to exit from tea biz |
| Press Trust of India / New Delhi Aug 31, 2009, 18:07 IST |
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FMCG major Godrej is looking for acquisitions in both overseas and domestic markets to expand its business even as it plans to exit from some of its non-core businesses.
"We are looking at opportunities for inorganic growth in both domestic as well as overseas markets," Godrej Group Chairman Adi Godrej told reporters.
He said the company has a market capitalisation of Rs 6,000 crore and will use the debt route for raising funds.
"Size of the acquisition is not a deterrent. We are a net cash company and our debt is less than the cash available. Post restructuring the promoter's share will be over 75 per cent. So we can even raise funds through QIP for it," he said.
When asked about the size of the acquisitions, he said it could be Rs 1,000 crore or "even more than that". However, he declined to give further details.
The company had earlier announced that it is looking for acquisitions in the emerging markets, including Asia, Latin America and Africa in the hygiene, personal and hair care segments.
When asked about the plan of exiting its tea business, he said the group will continue to look at divesting its non-core businesses whenever the opportunity arises.
"Our tea business is not a big one. So we are looking at divesting it. Whenever the opportunity arises to divest the non-core business this will be one of them," he said.
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