Emami to buy Egyptian firm in 3-4 weeks

Diversified Emami Group, which makes personal care and consumer care brands under Emami Ltd, plans to acquire an Egyptian personal care products maker in the next 3-4 weeks, a top official today.

"Its a personal care company in Egypt whose manufacturing facilities we are acquiring..Most of Emami's skincare products will be manufactured there," Prashant Goenka, director, international business told Reuters.

"We will take about a month to finalise it...in the next 3-4 weeks," he added.

He did not provide the name of the firm or the deal size, but said the buy will add 60-70 per cent to Emami Ltd's international revenues.

The deal will be funded by a mix of internal accruals and term loans from lending institutions, Goenka said.

The firm also plans to begin manufacturing its products in Egypt by the end of the current fiscal, Goenka added.

"A regional manufacturing base will help us become a leading player in that market," he said.

Emami is also looking at Nigeria and South Africa next to acquire assets, in a bid to boost its presence in the African continent, he said.

The firm may also look at various fund raising options going forward for funding its expansion plans, he added.

At 10.55 a.m., shares of the firm were up 2.32 per cent at Rs 676 in a firm Mumbai market.