FMCG Company Procter & Gamble (P&G) is planning to invest more than Rs 1,500 crore (US$ 279.4 million) over a period of time in its unlisted Indian arm P&G Home Products to ramp up operations in the country. The fund will be used to support ongoing business activity, capital expansions for P&G operations and towards meeting working capital needs in India.
To execute the transaction, the authorised share capital of P&G Home Products Ltd (PGHP) has been increased from Rs 30 crore (US$ 5.58 million) to Rs 50 crore (US$ 9.31 million).
“The increase in authorised capital in Procter & Gamble Home Products Ltd is in line with P&G’s long-term focus on India as a key developing market, and one that the parent company continues to invest behind,” said a company’s spokesperson.
P&G India, which markets brands such as Vicks, Ariel, Tide, Whisper, Pantene, has been registering double-digit growth consistently for over a decade and is one of P&G’s fastest growing markets globally
News source: IBEF