Hindustan Unilever Ltd has informed BSE that Hindustan Field Services Pvt Ltd (HFS) was formed as a joint venture between Hindustan Unilever Ltd (HUL) and Smollan Holdings (Pty) Ltd (Smollan) in terms of the joint venture agreement entered in November 2007. HFS was incorporated for building capabilities for 'in-store' execution in Modern Trade and operates as a dedicated venture with processes, capability and culture of execution.
The board of directors of HUL have now agreed to divest 43.31 per cent stake in HFS in favour of Smollan Group, that currently hold 49 per cent stake in HFS.
HUL will continue to hold 7.69 per cent shareholding of HFS and accordingly HFS will cease to be a subsidiary of the company.
