As part of an initiative to tap global emerging markets and cash in huge revenues, one of Indian FMCG and wellness major Marico has announced that it now targets the African market for its next expansion.
Speaking on the sidelines of an IIM-A event in Ahmedabad, Harsh Mariwala, chairman, Marico, said, “We are looking at emerging markets in Asia and Africa and we expect around 20 per cent of our total turnover comes from the global market in the near future.”
“We are looking at acquiring three-four strong FMCG brands to enter the African market in the coming year and will invest around Rs 50-100 crore (500 million-1,000 million) per acquisition,” added Mariwala.
Marico is currently operational in over 20 countries in the Middle East, Asian sub-continent, Australia and USA and posted a turnover of about Rs 19.1 billion during fiscal 2007-08.
—IndiaRetailing Bureau
