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| Godrej looks to buy some of Sara Lee's international biz |
| :Press Trust of India / New Delhi Aug 13, 2009, 17:02 IST |
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FMCG player Godrej Consumer Products today said it is ready to acquire some of its joint venture partner Sara Lee's international businesses if the US-based company decides to sell its global assets.
The company is also looking for other acquisitions in the domestic and international markets and has earmarked Rs 1,000 crore for such deals.
"We have the capability for acquisitions of up to Rs 1,000 crore in value and we are always on the look out for such deals. Such an action might also involve buying some parts of Sara Lee's international business, besides its entire stake in our Indian JV," Godrej Consumer Products Ltd Vice-Chairman Hoshedar Press told reporters.
He, however, said any acquisition of Sara Lee's global businesses will only happen when the American company is able to find a buyer for them.
"If they sell their global business of household and body care units, we have the right to buy a stake in it, particularly of their Indian business," Press said, adding that brands like Brylcreem hair gel and Ambi Pur air freshener might be attractive options. The two companies have a JV in India — Godrej Sara Lee — where the US firm has 51 per cent stake, while Mumbai-based Godrej group holds 49 per cent.
Godrej Consumer Products last month said it is buying the stake of Godrej industries in the 40-year-old Godrej Sara Lee and the deal is consolidated.
The company also said earlier that it is interested in buying the entire stake of Sara Lee in the JV.
"The money (for acquisitions) will come from a mix of equity and debt. We have a dedicated team of specialists working round-the-clock scouting for merger-and-acquisition opportunities," he said.
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