The Hindu Business Line 12 Aug 2013
Making its second overseas acquisition this year, the home-grown wellness and slimming firm VLCC has bought controlling stake in Singapore-based Global Vantage Innovative Group, which manufacturers and retails beauty and wellness products.
VLCC did not disclose the deal size, but industry insiders note that the deal is in the Rs 100-Rs 120 crore range. The company had earlier this year acquired Malaysian slimming and personal care firm Wyann International. It said the latest acquisition would help in expanding its presence in the South-East Asian region.
Mukesh Luthra, Chairman, VLCC Group, told Business Line, “We have acquired 80 per cent stake in GVig. The acquisition will give us a foothold in dermatological solutions. It will also help us gain access into GVig’s wellness products, research and development laboratory and manufacturing facilities.”
GVig provides wellness solutions through its subsidiaries BelleWave Cosmetics in the skin and haircare category, Celblos Dermal Research Centre, which offers dermatological solutions, and Enavose Life Science Research, offers a range of Swiss-made skincare and body wellness solutions.