Godrej buys Issue & Jindal buys Shaheed

Godrej Consumer Products (GCPL) said that it had entered into an agreement to buy Argentina-based Issue Group for an undisclosed amount. The latter has a strong leadership position in the Argentine hair-colour market with a market share in excess of 20% and had revenues of over $33 million in 2009.

Apart from Argentina, the Issue Group enjoys market leadership position in hair colours in Peru, Uruguay and Paraguay including a presence in Brazil.

The deal estimated to be around Rs.230 crore provides a self-sustaining platform for GCPL’s ambitions in haircare and household insecticides segments in Latin America, GCPL said.

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Jindal Steel and Power (JSPL) on Thursday announced the acquisition of the Oman-based Shadeed Iron & Steel for $464 million.

Its project at Sohar in the sultanate is setting up capacity to produce 1.5 million tonnes of hot briquetted iron a year.

The Indian company’s director, Sushil Maroo, told media the acquisition was part of plans to expand operations overseas. “The Sohar plant is a gas-based unit. We are also setting up some gas-based steel units. It is a strategic fit for us,” he added. The acquisition was made through JSPL’s subsidiary, Jindal Steel & Power Mauritius.

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