KOLKATA: Elder Health Care, the FMCG arm of the Rs 560-crore pharma major Elder Group, is evaluating two Indian brands for acquisition. The two
potential targets are in the areas of oral care and body care and will help Elder consolidate its presence in the personal care segment. Elder expects to close each of the deals at a valuation of Rs 5-10 crore. The company wants to complete the acquisitions soon since it wants to capitalise on the present moment when valuations are low. "We are looking at acquisitions to consolidate our presence in the personal care segment. We soon plan to appoint a merchant banker for reviewing the deals," Elder Health Care Ltd managing director Anuj Saxena told ET. Incidentally, Elder already has an oral care brand AMPM Mouthwash. Other popular brands include Fairone (fairness cream), Tiger Balm (pain relief) and the recently launched deodorant body spray ‘Fuel for Men’ in partnership with VLCC. Elder, on Friday, announced its plan to enter the Indian colour cosmetics market. Elder has entered into an exclusive marketing agreement with Germany’s Innovative Cosmetic Brands GmbH to roll out their mid-to-premium segment brand ‘BeYu’ in India. The range will comprise mineral make up, lipstick, foundation, eye shadow, mascara, eye liner and nail enamel. The brand will target urban women in the 25-40 years of age. "Innovative Cosmetic has another premium brand ‘Artdeco’ which we might bring into India. We plan to bring another 2-3 foreign brands in this segment to grow the colour cosmetic segment," said Mr Saxena. The Indian make-up market is estimated at Rs 1,000 crore and growing annually at 30%. Of this, the premium segment is worth around Rs 350-400 crore. Elder also plans to expand its men grooming portfolio by extending the ‘Fuel for Men’ brand into hair gel and after-shave products. "We might foray into the male cologne segment. The idea is to consolidate our presence in the personal care segment with launch of several SKUs," said Mr Saxena.