SC Johnson & Son Inc, one of the largest home care product manufacturers in the US, has applied to the Foreign Investment Promotion Board (FIPB) to set up a new company for manufacturing and marketing air-care and insecticides products, after a decision to demerge this business from its joint venture with Hindustan Lever Ltd (HLL).
The FIPB is expected to take up the case within two weeks, sources said.
Initially, the demerged entity will have the same 50:50 shareholding like the original venture. But SC Johnson, according to government sources, has proposed to take management control of the new venture, as also increase its shareholding subsequently. It will, thereafter, bring in several new products for home use from its global stables. Among its big brands are