Godrej Consumer Products (GCPL) today announced that it has entered into an agreement with Frika Hair (Pty), for the acquisition of 100% equity stake in its hair extensions business in South Africa. Frika Hair (Pty) enjoys a premium position in the South African market.

It has particular strengths in the Western Cape, Eastern Cape and Gauteng, and is the market leader in key accounts in organised retail. In 2014, net sales of the company was approximately ZAR 73 million. This acquisition helps GCPL in consolidating its presence in the hair extensions market in South Africa.

Vivek Gambhir, managing director, GCPL, said ''We are delighted to add the Frika brand to our hair extensions portfolio in Africa. With its quality range of premium hair extensions, the Frika range of hair extensions provides a strong complementary addition to our Darling masstige portfolio. This acquisition reflects our continued commitment to scaling up our presence in Africa and providing African consumers with a wide range of superior quality products at affordable prices. We remain very excited by the tremendous potential of the African market and look forward to further building our business.''

Shares of the company declined Rs 18.55, or 1.91%, to trade at Rs 951.25. The total volume of shares traded was 3,456 at the BSE (1.06 p.m., Tuesday).