New Delhi: FMCG major Emami has acquired controlling stake in Australia based Fravin Pty Ltd along with it's three subsidiaries for an undisclosed sum.
The acquisition of 66.67 percent stake in Fravin Pty Ltd, a firm manufacturing natural and organic personal care products, has been done by the company's arm Emami International FZE, Emami said in a statement.
Commenting on the development, Emami Ltd Director Harsh Agarwal said: "The Fravin acquisition is in sync with the Company's strategy to grow aggressively through both organic and inorganic routes in India and overseas."
This is a significant step for the organisation as the acquisition marks Emami's entry into organic personal care products where it was not present earlier, he added.
This international acquisition is in line with the company's strategy to be present in sectors with high growth potential, Emami said.
"The market for organic personal care products is growing at a rapid pace across the world. The global market for organic products which was over USD 7.6 billion in 2013, is expected to double in six years," Agarwal said.
Fravin will be a part of Emami's International business division, which contributes around 14 percent to the total FMCG business. Emami has presence in over 60 countries across the world.
"We are very enthusiastic to be associated with a global company like Emami. There are strong synergies between the two companies. With Emami's strong marketing network and our R&D capabilities and advanced technologies, we expect to take Abache brands to new heights," Fravin Pty Ltd MD Peter Francis said.
Promoted by Peter Francis, the Fravin Group manufactures a full range of hair care and skin care products that are certified organic by various certification bodies in Australia and United States. The group has R&D and manufacturing facility in Adelaide.