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Godrej picks up 4% stake in two U.S. firms
By agencies
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Friday, 11 November 2005, 20:30 IST
MUMBAI: Mumbai based hair dye to consumer electronics maker Godrej Industries is picking up four percent stake each in two U.S. companies, Boston Analytics LLC and Verson LLC.
S K Bhatt, executive vice-president, Godrej Industries, informed that the investment in the U.S. companies is a part of the group's strategy to invest in lucrative businesses overseas.
Godrej Consumer Products, another group company, recently acquired a U.K. based FMCG company, Keyline Brands Ltd.
According to Bhatt, Godrej Industries would invest around $5.6 million in both the firms.
California-based Verson is engaged in biotechnology and drug discovery.
"This is a good investment opportunity for us considering that biotechnology is the business of the future," he said.
Boston Analytics is engaged in business research and analysis.
Commenting on the investment in the two U.S. outfits, Bhatt said this is nothing new for Godrej.
It has already invested in a medical transcription company in the U.S., C Bay, and a U.K. based outfit, Compass Connection.