Wipro Group’s chairman Azim Premji has picked up a small stake in one of the country’s top FMCG companies Marico Industries.
“This is Premji’s personal investment and he has picked up 1.24 per cent stake (75.72 lakh shares) in the company. It is a general investment, we have many such investors holding 1-2 per cent stake. Wipro as a company has nothing to do with these investments. He picked up the stake during the first quarter of this financial year,” Vinod Kamath, chief financial officer, Marico, told Indiaretailing.
The corporate communication wing of Wipro refused to comment on the development, saying, “It has nothing to do with the company as this is Premji’s personal investment.”
Industry sources say that this could be an initiative of Premji’s investment firm, Premji Invest, and also indicates Premji’s interest in the FMCG sector.
Over the years, Marico has seen a good growth rate. Last year, the company’s turnover grew 36 per cent to Rs 1,557 crore, while net profit rose 30 per cent to Rs 113 crore.
Earlier this month, Wipro Consumer Care & Lighting had bought the Singapore-headquartered Unza Holdings in an all-cash deal for about Rs 1,100 crore.
