Marico completes Paras acquisition

New Delhi FMCG major Marico on Tuesday said that it completed the acquisition of Halite Personal Care, the demerged personal care arm of Paras Pharmaceuticals, from Reckitt Benckiser, the UK-based consumer goods giant.

In a filing to the BSE, Marico said that, "the company through its wholly owned subsidiary, Marico Consumer Care Ltd, has completed on May 29, 2012 the acquisition of 100 per cent equity stake in Halite Personal Care India Pvt Ltd."

[caption id="attachment_325472" align="alignleft" width="380" caption="Marico had entered into an agreement with Reckitt Benckiser to acquire the personal care business of Paras Pharmaceuticals"][/caption]

Halite Personal Care is the company into which the assets of the personal care business of Paras Pharmaceuticals have vested through a demerger process, it added.

In February, Marico had entered into an agreement with Reckitt Benckiser to acquire the personal care business of Paras Pharmaceuticals for an undisclosed amount.Reckitt had acquired both pharmaceuticals and personal care business of Paras Pharmaceuticals for Rs 3,260 crore in April 2011.

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Mumbai-headquartered Marico is known for brands like Parachute coconut oil, Kaya skincare service, Saffola brands of oats and wheat flour, among others.

Shares of the company on Tuesday fell by 2.22 per cent to settle at Rs 174.15 apiece from its previous close at the BSE

PTI