© The Indian Express Pvt Ltd
Tags:
Journalism of Courage
Hindustan Unilever Ltd (HUL) has signed an agreement for the sale of its atta and salt business carried out under the brands ‘Annapurna’ and ‘Captain Cook’ for Rs 60.4 crore.
The brands are being sold to Uma Global Foods Pvt Ltd and Uma Consumer Products Pvt Ltd, which are subsidiaries of Reactivate Brands International, a Singapore-headquartered company and an affiliate of CSAW Aqbator Pte Ltd. (Singapore). CSAW is focused on acquiring and scaling up food brands to promote affordable wellness, HUL said.
HUL’s decision to divest is in line with the stated intent of exiting non-core categories while continuing to drive growth in the packaged foods business of dressings, scratch cooking and soups, it said. The deal envisages the transfer of trademarks, copyrights and other intellectual properties associated with India and several other geographies, it said. HUL will continue to manage the business until the completion of the transaction.
Sanjiv Mehta, CEO & Managing Director of HUL, said: “Given our strategic priorities and portfolio choices, we believe it is in the business’ best interest to sell these brands…”
