Japanese hygiene product maker Saraya takes over Indian peer
NEW DELHI, NNA - Japanese hygiene product maker Saraya Co. has taken over an Indian peer amid growing health care concerns over the novel coronavirus pandemic in the world's second-most populous market.
The Osaka-based firm bought a 70 percent stake in Mystair Hygiene Care Pvt. Ltd. for about 500 million yen ($4.7 million) on July 6, spokesman Michita Akiyoshi told NNA on Thursday.
The acquired firm has been renamed Saraya Mystair Hygiene Care Pvt. Ltd., Saraya said in a press release on Tuesday.
The Indian company, based in Gurugram in the northern state of Haryana, produces detergent and toilet paper, among other items, at three factories and has sales offices in eight major cities, including Chandigarh, Bengaluru, Hyderabad and Chennai.
It supplies products to operators of airports, railways and hospitals, as well as airliners. It chalked up sales of about 631 million rupees ($8.4 million) in the year through March 2020, according to the press release.
Saraya established Saraya India Pvt. Ltd. in Mumbai in 2012 but "had not been able to build sales channels with significant earnings" in the South Asian country, the spokesman said.
Through the buyout, the Japanese company initially plans to sell its products made in Japan and Thailand, among other countries, aiming to boost the Indian firm's annual sales to about 2 billion yen in the year ending in March 2022, he said.
Saraya operates in North America, Europe, the Asia-Pacific region, Africa and the Middle East. (NNA/Kyodo)