Wipro Consumer Care to L D Waxsons or for $144 million

by Paul Joseph on December 8, 2012 · 0 comments

Azim Premji’s Wipro Ltd is planning to buy Singapore based skincare product manufacturer L D Waxsons to expand ts presence in Asian countries like Singapore, Malaysia and China. Wipro Consumer Care and Lighting, will buy skincare products manufacturer, which owns brands such as Bio-essence and Ginvera, generates $68 million in annual revenue, for $144 million (around Rs.786 crore). The deal is expected to be closed within the next 60 days as per the statement released by company. President, Wipro Consumer, Vineet Agarwal, said ““This transaction helps us consolidate our successful facial skincare business in Malaysia to a dominant leadership position, and moves us to market leadership in Singapore as well.” Tor Lam Huat, LD Waxson Group Chairman, said “We are confident that with Wipro’s marketing expertise and extensive distribution network, together we will be able take Bio-essence, Ginvera and other brands to new heights.” Wipro said it would separate its non-information technology (IT) units into a separate company to focus on its core IT business. The demerger is expected to improve Wipro’s margins slightly and help the company meet a regulatory requirement on promoter shareholding. Wipro had striked more than six deals over the past five years. In July, the company said it would buy the Yardley personal care brand’s businesses in the UK and most of Europe as well as another British personal care brand, Woods of Windsor. Wipro Consumer contributes about 10% of Wipro’s business and is expected to report over Rs.4, 000 crore in sales this fiscal year. Source – Agencies ©2009 Copyright by Invest In India Incoming search terms: wipro

[via Invest In India]

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