Godrej Consumer Products (GCPL), one of the leading FMCG companies, announced that the company through its subsidiary, has increased its stake from 51% to 100% in Charm Industries. The entity will scale up wet hair care business in East Africa using the strength of nature brands.

The consideration is payable in cash. In view of confidentiality, the amounts are not disclosed. Charm Industries is a manufacturing company incorporated in Kenya.

Shares of the company gained Rs 10.65, or 0.74%, to trade at Rs 1,458.70. The total volume of shares traded was 1,344 at the BSE (10.01 a.m., Wednesday).