Wipro acquires South African personal care company
The acquisition will act as an opportunity for Wipro Consumer to enter into South Africa which is the largest personal care market in Africa and is the second largest economy of the continent.
"We are clear that we want a footprint in developing countries where we have a headway and penetration and consumption goes up. South Africa is a developing country with a per capita income of US$ 6300, which is three times that of India. Canway has grown double digit over the years. It gives us a tremendous base," said Mr Vineet Agrawal, chief executive at WCCL.
The company had acquired Philippines’ personal care maker Splash Corporation for US$ 80 million in April. The acquisition of Singapore’s Unza Holdings in 2007 of worth Rs 1000 crore was the company's largest deal.
"We have spent US$ 950 million over the last 17 years on 12 acquisitions. This is the first time that WCCL has made two acquisitions this fiscal. The geographies are different, and we are equipped to handle two acquisitions in a year now."