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New Delhi, May 17 (PTI) FMCG player Godrej Consumer Products (GCPL) today said it has completed acquisition of Indonesian household insecticides maker Megasari Makmur Group and its distribution company for an undisclosed sum. "Megasari Group provides us a strong platform to establish a significant foothold in Indonesia, which is among the largest consumer markets in Asia," GCPL Chairman Adi Godrej said in a statement. The Megasari Group along with its distributor Intrasari Raya is one of the market leaders in Indonesia, particularly in the household insecticides category. It manufactures and distributes household products, including household insecticides, wet tissues and air fresheners. "As an emerging market multinational, this acquisition is an important step in our global 3 by 3 strategy, that is, presence in 3 continents -- Asia, Africa and Latin America -- through 3 core categories -- home care, personal wash and hair care," he said. The group said it has formed a cross-functional team, consisting of current Megasari employees and Godrej''s team to manage the integration. The team will be led by Naveen Gupta, who has spent 8 years in Godrej Sara Lee''s international operations, the company said. "This acquisition leapfrogs Godrej Group into being a leading player in household insecticides in Asia with strong market share positions in India, Sri Lanka, Nepal, Bangladesh & Indonesia," the firm said. While the company did not disclose the size of the deal, it said the acquisition has been funded by "overseas debt at a very attractive price". In March, GCPL had announced acquisition of Nigeria''s personal care brand Tura as part of its strategy to enter Nigeria and other West African markets. The Megasari acquisition is the fourth one by the company in the past two years, after Rapidol and Kinky in South Africa, and Tura in Nigeria. GCPL had last year got board approval to raise Rs 3,000 crore to fund its various acquisitions plan. Besides, the company said that it would acquire Sara Lee''s 51 per cent stake their joint venture Gordej-Sara Lee for Rs 1,065 crore.
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