Emami Gets Into Haircare, Acquires Kesh King
Kolkata-based consumer goods company Emami was buying ayurvedic hair oil brand Kesh King from SBS Biotech, a Himachal Pradesh company, for Rs 1,651 crore. At 5.5 times Kesh King’s 2014-15 sales of Rs 300 crore, the acquisition will be the second transaction in a week when fast-moving consumer goods (FMCG) brands have been offloaded at a price less than expected. Kishore Biyani’s Future Consumer Enterprises said last Monday it was acquiring Grasim’s personal care brands in a slump sale. SBS Biotech’s promoter Sanjeev Juneja expected about Rs 2,200 crore for Kesh King, company executives had told Business Standard four months ago. Juneja’s expectations had come down considerably, almost by Rs 600 crore, investment bankers said.