Emami reviews investment plans in Egypt
Kolkata, Feb 11 : Fast moving consumer goods (FMCG) major Emami Ltd is considering a four-five percent hike in prices of some products and reviewing plans of investment in Egypt, company officials said Monday.
The volatile economic and political situation has called for such deliberation on future investment strategy in the Land of the Nile, officials explained.
The company's chief executive officer (sales and supply chain) N. Krishna Mohan said it was eyeing a 16-18 percent sales and profit growth during the fourth quarter of the 2012-13 fiscal.
"We plan to go for a judicious price hike of about five percent on some products, mainly for summer. However, it will be done this month and March so there will be not much impact on the fourth quarter results," Mohan told mediapersons here. Earlier this fiscal, the firm had increased product prices by about six percent.
The company, which pumped in Rs.8 crore to implement its plans for a manufacturing unit in Egypt in the personal and healthcare category by the end of the current fiscal, has decided to revisit the plan, said Chief Executive Officer Finance, Strategy and Business development N.H. Bhansali.
"We are going slow on our plans (in Egypt). We are revisiting our strategy taking into account the macroeconomic situation prevailing in these markets," said Bhansali.
He said the company's manufacturing plant in neighbouring Bangladesh had started operations and would go full steam by early next fiscal.