Consumer goods giant Hindustan Lever has sold its carpets business for a consideration of Rs 1 crore, as part of a restructuring exercise.
The carpets business forms a sub-unit of its speciality exports business and has an annual turnover of Rs 6 crore. Its facilities for washing carpets was located at Varanasi.
The company has been divesting its interests in non-core areas. The move is in line with its strategy to be a focussed fast-moving consumer goods company.
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HLLhas decided to split its speciality chemicals business into separate units and look for separate partners for each business.
It sold its adhesives, nickel catalyst businesses to ICI India. It hived off the flavours, fragrances and food ingredients into a separate joint venture with the ICI Group, and has kept its option open on exiting from the Rs 300 crore venture.
HLL holds 49 per cent in the company, the balance lies with ICI India and Quest International BV, the former subsidiary of Unilever.
The remaining business of speciality chemicals division include aroma chemicals, glycerine and functional bio-polymers.