Wipro acquires Singapore firm for $256 m

FOR A LARGER REACH: Vineet Agrawal (right), President, Wipro Consumer Care and Lighting, and Gavin D. Welman, Managing Director, Unza, displaying Unza products at a press conference in Bangalore on Friday.

Wipro on Friday announced the acquisition of Singapore-based fast moving consumer goods (FMCG) company, Unza, with revenues of Rs. 683.30 crore (for fiscal year ended April 30, 2007), in a cash buy for 100 per cent stake for the equivalent of $256 million. The deal is to be closed by July-end.

Vineet Agrawal, President, Wipro Consumer Care and Lighting, which will now own the 48 brands under Unzo, told reporters here that “This will add to our consumer product portfolio and geographical reach. Unzo has a strong presence in Southeast Asia and China.

For now, the Unza brand will be retained in those markets, including parts of West Africa.” Wipro’s Consumer Care and Lighting business had revenues of Rs. 818.20 crore in 2006-07, with a 36 per cent growth.

Gavin D. Welman, Managing Director of Unza, who will continue with the combined new entity, said, “We have 48 brands, including skin care products, male fragrances and two large selling detergents. Most products have been developed for the Asian markets and are expected to do well in India as well. Wipro now access to a much larger market where our revenues have averaged 24 per cent annual growth in dollar terms.”

Wipro would also acquire Unza’s manufacturing plants in China, Malaysia, Vietnam and Indonesia.