Marico eyes new markets

FMCG company Marico Ltd said on Sunday that it is looking at tapping newer markets including South East Asia and areas closer to their existing operations like Gulf states.

"The focus of our current international business is the Gulf states and Bangladesh. We will look at tapping opportunities in countries near our current areas of operation in the Gulf, such as Lebanon, Syria and Egypt where consumer habits are similar to our Arab consumers," Marico Chief Financial Officer Milind Sarwate said here.

The company also said it plans to commence exploratory work in some of the South-East Asian markets where it saw a "potential demand" for some of its pre-wash and post-wash hair care products, he added.

The aggregate international business of Marico, comprising the FMCG business, Kaya in UAE and Sundari in the US for the first quarter ended June 30, 2005 grew by 13 per cent and stood at Rs 26 crore.

Asked whether the company was looking at entering newer segments in the FMCG sector, Sarwate said that it was considering the option. "Marico will largely operate in areas defined by beauty and wellness. We may enter some categories in which we are not present today but our decision as regards the exact timing of commencing the prototype cannot be shared at this point in time," Sarwate said.

The company may prototype more products in the areas of beauty and wellness during the course of this financial year, he said adding that this would involve expanding products which have been tested in a particular market, to other cities and states.