S H Kelkar completes acquisition of Creative Flavours & Fragrances
Fragrance manufacturer, S H Kelkar informed the bourses on Tuesday, that it has completed the acquisition of Creative Flavours & Fragrances (CFF) by acquiring an additional 49 per cent stake in the company for Euros 16 million.
The company on January 15, 2018, had entered into a share purchase agreement (SPA) for the acquisition of a 100 per cent equity stake of Creative Flavours & Fragrances (CFF). It had already acquired a 51 per cent equity stake upfront by the company in January 2018, through its Italian subsidiary, Keva Italy Srl.
Creative Flavours & Fragrances was incorporated in the year 2000. It is a leading fragrance company in Italy and has a presence throughout Europe. The acquisition would enable the broadening of the group’s fragrance business. CFF’s approx. revenue from the core fragrance business for FY19 was at Euros 17.49 million.
S H Kelkar & Company, which operates in two segments-Fragrance and Flavours, is one of the country’s largest fragrance players.
The stock in Wednesday’s early morning session was trading on a positive bias but later, it cooled down and touched an intraday low of Rs 73.55 apiece.