Premji buys stake in Marico

BANGALORE, INDIA: Azim Hasham Premji, chairman of the Wipro Group, has purchased 1.24 percent stake in Marico Industries.

Marico Industries, which has some of the leading brands such as Parachute, Revive, Saffola and Medikar has informed stock exchanges that Premji has purchased 7572188 shares during the first quarter of the fiscal.

During the quarter, investment firm Acacia Partners has picked up 1.03 per cent stake in Marico. Marico shares are trading at around Rs 55.95 per share.

According to an analyst, the acquisition of the stake could be part of the portfolio investment by Premji’s investment and he must have picked the stake in his personal capacity.

The IT Tsar’s interest in the FMCG companies may see some more brands coming out of Wipro’s consumer care business unit, which has Santoor brand. Reports also suggest that Wipro is considering entering the bottled water segment.