The factory will serve as the regional production hub for its flagship product "Parachute"
Cairo, Egypt, November 5th 2008 - Marico, one of India's leading FMCG Companies in the beauty and wellness arena, officially inaugurated its third manufacturing factory in Egypt in Sadat City. The new factory will serve as Marico's regional production hub for Parachute, Region's most popular hair cream product. As Marico's flagship product, Parachute will be manufactured at the Sadat factory to meet regional export demand within the MENA region. Parachute is the number 1 Hair Cream product in the UAE. It is widely available across the Gulf Countries with a wide distribution network. With its unique Coconut based formulation, it provides vital nourishment to the hair and has been specially formulated for the Arab consumer
With state-of-the-art manufacturing equipment and technology and processes across the value chain, Marico is committed to applying international best practices to the industry as well as providing new job opportunities.
"As the investment in our newest manufacturing facility demonstrates, Marico is deeply committed to furthering the strong economic & commercial relations between Egypt and India," said Harsh Mariwala, Chairman and Managing Director of Marico Limited. "With substantial presence in Egypt, Marico is also dedicated to enhancing the technological capabilities and standards of the manufacturing industry in Egypt. Just as Egypt has much to offer us, Marico is striving to provide just as much in return."
Marico is one of the many Indian companies to tap the growing business opportunities that Egypt is able to offer. As Egypt's third largest trading partner and twelfth largest investor, India has become one of Egypt's closest allies in the business world. Elaborating on this point, HE Mr. A. Gopinathan, the Indian ambassador to Egypt commented "India and Egypt are moving towards a very close partnership that reflects not only the civilization and historical ties, but also the evolving relationship that includes trade and investment flows and people-to-people contacts through the significant increase in tourist traffic and air links, and the vast opportunities that Egypt has to offer to Indian entrepreneurs."
India and Egypt have always had a healthy business relationship, but in recent years with the reform policies of His Excellency President
Hosny Mubarak this has seen a remarkable upswing. At the beginning of 2008, media reports stated that Indian investments were estimated at $3 billion spread over 40 separate projects. With Marico's business expansion adding to a number of well-established Indian companies already in Egypt, there are seemingly limitless opportunities or furthering the strong and growing economic and commercial relations between Egypt and India.
-Ends-
About Marico:
Marico is a leading Indian Group in Consumer Products and Services in the Global Beauty and Wellness space. Marico's products and services in the Hair Care, Skin Care and Healthy Foods generated a turnover of over USD 450m in the financial year 2007-08. Marico markets well known brands around the world in more than 25 countries. Marico's brands and their extensions occupy leadership positions with significant market shares in most of their categories. Marico is present in Skin Care solutions through Kaya Skin Clinics (70 in India and the Middle East), the Sundari range of Spa products (in USA and other countries) and its soap franchise (in India and other Asian countries). Parachute is the number one Hair Cream Product in the UAE. It is widely available across the Gulf Countries through a wide distribution network.
In Egypt, Marico enjoys leadership position in the hair care space with over 60% market share in hairstyling category. Both its brands (HairCode and Fiancée) are well known in the local Egyptian market and are also exported to neighboring Arab countries. HairCode is the Number 1 Gel brand in its category and is used by many consumers. While Fiancee is the number 1 Gel Cream brand, which offers the twin benefits of nourishment and styling through its unique product, Fiancee 2x1 Gel Cream.
Marico has invested not only in the acquisitions, but also in manufacturing facilities, advertising brands, training people, setting up processes along with vendors as well as IT ERP systems in its Egyptian operations. It is estimated that Marico's operations in Egypt would be benefiting more than 1000 people directly and indirectly in terms of job opportunities. Marico finds the local market to be very suitable for further investment inspite of the overall global economic scenario.
For more information:
Visit our web site: www.marico.com
Contact
Abhishek Ahluwalia,
Head Marketing,
Marico Egypt
Tel. +2 02 33042580/ 587
Fax +2 02 33042633:
abhisheka@maricoindia.net
Contact
Rasha Teima & Ahmed Badawy,
TRACCS Egypt
Tel. +202 2761 7378
Fax +202 2748 9854:
rasha@traccs.net or ahmed.badawy@traccs.net
© Press Release 2008
