Wipro eyes personal care assets of UK's Lornamead

BANGALORE, INDIA: The consumer products unit of India's Wipro Ltd is in advanced talks to buy some assets of British personal care company Lornamead, the Economic Times reported on Tuesday.

Wipro, which gets bulk of its revenue from IT services and has interests in computer hardware, consumer care and lighting, plans to buy Lornamead assets to boost its overseas presence, the daily said citing people familiar with the development.

The newspaper said it could not ascertain the size of the deal with privately held Lornamead that had nearly 40 brands, including Yardley and Tura, across 82 countries and whose turnover was estimated to be about $650 million.

A Wipro spokeswoman told Reuters the company would not comment on speculation. Wipro, majority owned by its billionaire chairman Azim Premji, acquired Singapore's Unza Holdings, which makes personal care products, for about $246 million in 2007 to expand its overseas markets.