Godrej Consumer Products to buy additional 40% stake in Chilean firm

Godrej Consumer Products Ltd (GCPL) on Wednesday said it will acquire the balance 40 per cent stake in Chilean hair colour and cosmetics company Cosmetica Nacional to gain full control of the company.

The company did not give financial details of the deal. GCPL, part of the Godrej Group, had in January 2012 acquired a 60 per cent stake in Cosmetica Nacional continuing its string of buys in the space in emerging markets. The Board of Directors of the company (GCPL) have approved acquiring the balance 40 per cent stake in Cosmetica Nacional, a market leading hair colorant and cosmetics company in Chile, it said in a regulatory filing.

Without disclosing financial details, GCPL said it will have full control of the Chile business once the acquisition process is completed.