Godrej Consumer Products is eying on the acquisition of 100 per cent shares in Godrej Sara Lee, a 49:51 FMGC joint venture with Godrej and US based Sara Lee Corp that manufactures insect repellents and related products.

The Board of Godrej Consumer Products (GCPL) met yesterday, approving the proposal to acquire 49 per cent shares from Godrej ConsumerBiz and Godrej Hygiene Care.

GCPL Executive Director and President, Hoshedar K Press, said, "Our Board has approved purchasing the group's 49 per cent stake (from the Godrej & Boyce subsidiaries) in the joint venture. This process should be over within two months after getting court approvals."

Godrej Group of Industries Chairman, Adi Godrej said that market conditions and circumstances are favorable at this point of time to carry out buying of 51 per cent share of Sara Lee.

The move will raise the total issued capital of Godrej Consumer Products by about 22 per cent on the basis of shares price effective from June 1.

The company also intents to grow via inorganic route given the satisfactory level of liquidity with the Mumbai based firm.