New Delhi, May 15 (PTI) FMCG major Godrej Consumer Products Ltd (GCPL) on Friday announced acquisition of the balance 25 per cent stake in Kenya-based Canon Chemicals Ltd for an undisclosed sum.

Through this transaction, Canon Chemicals would now be a wholly-owned subsidiary of the company. The acquisition was made through its step down firm Godrej East Africa Holdings Ltd.

“The Company through its wholly-owned subsidiary, has acquired the balance 25 per cent stake in Canon Chemicals Limited,” said GCPL in a regulatory filing.

The Godrej Group firm had earlier acquired 75 per cent stake in Canon Chemicals Limited, Kenya, in 2016.

“As per the agreement entered into with the sellers, the company has now acquired the balance 25 per cent stake on May 15, 2020,” it added.

Canon Chemicals is a Kenya-based manufacturer of consumer products.

GCPL is expanding its presence in the African markets and has done substantial acquisitions also in the past to strengthen its presence in the subcontinent.

In the last quarter, January-March, GCPL's revenue from Africa (including Strength of Nature) market was at Rs 484.03 crore.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)