Marico eyes more African acquisitions

AHMEDABAD: FMCG major Marico continues to be bullish on emerging markets, especially Africa. After earlier brand acquisitions in Egypt and South Africa, the group is looking at a pan-Africa footprint. ���We are identifying more markets and categories to expand. The group is looking at emerging markets in Asia and Africa for further expansion,��� Marico chairman Harsh Mariwala told ET on the sidelines of Confluence 2008, an annual IIM-A event.

The company intends to use it���s acquisition in South Africa and Egypt to service new markets like Lebanon, Iran and Algeria. According to Mr Mariwala, the group is looking at acquiring ���three-four strong FMCG brands��� (with an outlay of not more than Rs 50-100 crore per acquisition) to enter the African market in the coming year. This will be followed up opening of the skin care services vertical (Kaya) in those markets.

���We are primarily targeting strong brands not manufacturing facilities. About 20% of our turnover should come from global operations in the near future,��� said Mr Mariwala.

At present, about 18% of the group turnover comes from overseas operations especially from markets like Bangladesh, Middle-East and Egypt. ���We are also looking at expanding in verticals apart from our hair oil business in these countries,��� he said.