Godrej Consumer Products Limited (GCPL) recently announced that its subsidiary has entered into an agreement with Canon Chemicals Limited, for the acquisition of a majority equity stake in its business in Kenya. Canon Chemicals Limited, a Kenya based company, manufactures and distributes products in the personal and home categories. Its major brand is Valon, a petroleum jelly. In 2015, the annualised revenue of the business was KSh 1,146 million. This acquisition helps GCPL in further building its presence in the Sub Saharan Africa market.

Commenting on the acquisition, Vivek Gambhir, Managing Director, GCPL, said: "We are delighted to add Canon Chemicals Limited to our home and personal care portfolio in Africa. Canon has a strong track record of serving consumers in Kenya for over 40 years and we look forward to leveraging its strong brand equity and distribution infrastructure, for our business. This acquisition reflects our continued commitment to scaling up our presence in Africa and providing African consumers with a wide range of superior quality products at affordable prices. We remain very excited by the tremendous potential of the African market and look forward to further building our business."