Indian firm buys 75pc stake in Valon jelly maker Canon Chemicals

Indian conglomerate Godrej Consumer Products has bought a majority stake in Canon Chemicals, the makers of Valon petroleum jelly in Kenya, in a move marking yet another acquisition in the country’s fast-growing beauty market.

Godrej announced that it had bought a 75 per cent stake in Canon Chemicals for an undisclosed amount as part of the listed firm’s expansion into sub-Saharan Africa.