Godrej Consumer Products (GCPL), one of the leading FMCG companies, said Wednesday the board of directors has approved acquiring the balance 40% stake in Cosmetica Nacional, a market leading Hair Colorant and Cosmetics company in Chile.

"Consequent to this, the company will have full control of the Chile business once the acquisition process is completed," GCPL said.

In another announcement, the company reported a substantial rise in consolidated net profit for the quarter ended June 2015. During the quarter, the profit of the company rose 38.88% to Rs 1,992.30 million from Rs 1,434.50 million  in the same quarter previous year.

Revenues for the quarter  rose 11.07% to Rs 20,976.60 million, compared with Rs 18,885 million for the prior year period.

Shares of the company gained Rs 41.35, or 3.44%, to trade at Rs 1,242.50. The total volume of shares traded was 70,539 at the BSE (12.53 p.m., Wednesday).