From correspondents in Maharashtra, India, 11:02 PM IST

Godrej Consumer Products Ltd (GCPL) Tuesday said the company has acquired 100 percent stake of South Africa-based hair company Kinky Group at Rs.13.25 billion ($331.8 million).

Commenting on the acquisition, Adi Godrej, chairman and managing director of GCPL, said: 'The acquisition gives us the opportunity to enter a new line of business and diversify our hair product portfolio.'

Kinky offers a variety of products, which include hair, hair braids, hairpieces, wigs and wefted pieces. The products are manufactured at plants located in South Africa at Johannesburg and Durban and the final products are sold through cash n carry outlets and owned stores.

(Staff Writer, © IANS)