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Chairman and Managing Director
VLCC Health Care Ltd.
According to Luthra, the Dh400 million group will announce the details of the IPO later in the year.
VLCC WELLNESS - About Us - Press Room
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VLCC, 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 added.
The JV marks VLCC's first foray into Africa, a market to which several personal care product firms, including Dabur, Godrej and Marico, have headed in recent years either through acquisitions or by setting up subsidiaries.
VLCC 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.
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