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FMCG player, Marico Ltd plans to scale up its overseas business by almost 40 per cent to Rs 1,000 crore over the next one and half years.
Over and above the organic growth, the company would look at acquisitions in Asia and Africa to expand its international business, according to its Chairman and Managing Director, Mr Harsh Mariwala.
Marico's international business currently stands at Rs 700 crore and accounts for almost 25 per cent of its total turnover.
Acquisitions
“We are looking at acquisitions to boost our overseas business. These acquisitions will be in the beauty and wellness segment and we are looking at Asian and African countries such as Thailand, Malaysia, Singapore and Kenya among others,” he said, on the sidelines of a FICCI press conference here on Friday. But he refused to divulge further details.
Marico has been on an acquisition spree over the last two years. It recently acquired the Malaysian brand Code 10, Derma Rx in Singapore via wholly-owned subsidiary Kaya Ltd, Ingwe in South Africa, and also took a 85 per cent stake in International Consumer Products Corporation (ICP) of Vietnam.
Bangladesh account for almost 50 per cent of the company's total international business at Rs 350 crore, he said.
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