FMCG major Godrej Consumer Products (GCPL) has entered into an agreement to acquire 51 per cent stake in African hair care firm Darling Group, the company said on Wednesday. The Darling Group, which makes hair extension products under the brands ‘Darling’ and ‘Amigos’, operates in 14 countries across sub-Saharan Africa.

GCPL did not disclose the cost of the acquisition but said the acquisition will be EPS (earnings per share) accretive from the first year. The company is expected to eventually acquire 100 per cent in Darling Group in three phases.

Kaustubh Pawaskar, research analyst at Sharekhan said, “The deal is positive in terms of long-term prospects for GCPL. It is in line with GCPL’s ‘3 by 3 strategy’ (to be present in three continents and in three categories).”

Adi Godrej, chairman, GCPL said in a statement, “Over the past four years, we have made three acquisitions in Africa. These businesses have performed well and we have learnt a lot . Establishing a strong foothold in Africa is a key part of our 3 by 3 strategy- presence in Asia, Africa and Latin America in three core categories.”

“Over time, this acquisition can provide a strong distribution and marketing platform for taking other home and personal care products from the Godrej portfolio to the African consumer,” added A Mahendran, managing director at GCPL in a statement.