India's Godrej Consumer to buy Raymond's FMCG business for $345 mln (updated)

Raymond

27/04/2023 11:31

(Adds details, background)
       BENGALURU, April 27 (Reuters) - Indian consumer goods
company Godrej Consumer Products Ltd  GOCP.NS  on Thursday said
it would buy the fast-moving consumer goods business of Raymond
Consumer Care Ltd for 28.25 billion rupees ($345.2 million).
    Raymond Ltd's  RYMD.NS  popular personal care brands such as
the Park Avenue deodrants and Kamasutra condoms are being sold
to Godrej Consumer Products as part of the deal.
    "This acquisition allows us to complement our business
portfolio and growth strategy with under-penetrated categories
that offer a long runway of growth," said Sudhir Sitapati,
managing director and chief executive officer of Godrej
Consumer.
    Shares of Godrej Consumer, which owns personal and home care
brands such as Cinthol soap and Good Knight mosquito repellent,
closed 2.3% lower ahead of the announcement, while Raymond rose
6.4%.

($1 = 81.8375 Indian rupees)

 (Reporting by Biplob Kumar Das in Bengaluru; Editing by Varun H
K)
 ((Biplobkumar.das@thomsonreuters.com; 9101861583;))