Riding high on the rupee appreciation, Godrej Consumer Products [Get Quote], a manufacturer of personal care items, is looking to make overseas acquisitions.

"A rising rupee is a good time to go and acquire companies abroad," Godrej Group Chairman Adi Godrej said at the India Economic Summit in New Delhi on Monday.

He added that the acquisitions would be made in emerging markets like Latin America, China and South Africa. "The valuation of these companies would be around half a billion dollars," said Godrej.

In July 2006, Godrej Consumer Products had bought out the South African business of RAPIDOL, the makers of hair dye Inetco and Soflene.

Godrej has earlier said that the company would make acquisitions in India and abroad to compete with local as well as international brands like L'Oreal.