The JV, called VLCC East Africa, will sup slimming and wellness centres under the VLCC brand beginning with Kenya, followed by Tanzania and Uganda, VLCC group chairman Mukesh Luthra said.
, which holds 70 per cent of the equity shareholding in the JV, will invest Rs 100 crore for growing its Africa business over two years, Luthra
The JV marks VLCC's first foray into Africa, a market to which several personal care product firms, including Dabur
, have headed in recent years either through acquisitions or by setting up subsidiaries.
will put up a plant in Africa to make its personal care products.
The company is also doing a due diligence on a skincream and hair products maker, as a potential acquisition target, Luthra
said the deal is expected to close over the next one month.