India's Marico takes 85 pct stake in Vietnamese firm

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Marico, one of India's leading consumer products companies, said it has entered the Vietnamese market after taking up 85 percent equity in local producer International Consumer Products Corporation (ICP).

The Indian company did not disclose how much it paid for the stake.

It said in a statement on Friday that ICP was "one of the most successful Vietnamese FMCG companies," with a turnover of more than US$25 million last year.

Its brands, including X-Men, L'Ovite, and Thuan Phat, have a significant presence across personal care, cosmetics and condiments segments.

"I am excited about our investment in the rapidly growing Vietnamese market," said Vijay Subramaniam, CEO of Marico's International Business Group.

He expected ICP to have "robust high paced growth" with its strong portfolio of brands.

Marico named Mekong Enterprise Fund II Ltd as one of the key shareholders that have sold their shareholdings to the Indian company.

The fund, managed by private equity firm Mekong Capital, invested in ICP in 2006.

The Mumbai-based company claims one out of every seven Indians uses its products.

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