JL Morison to get Rs 18cr from Beiersdorf

JL Morison (India) will get Rs 18 crore from Beiersdorf AG in lieu of the changed business relationship between the two companies.

According to a release issued by JL Morison to the BSE today, the licensing agreement between the company and Beiersdorf AG for using the trade-marks, know-how and copyrights in India for Nivea products stands cancelled since the latter has received FIPB approval to establish a wholly-owned subsidiary in India to manufacture and market consumer products.

"BDF will utilize the company's Waluj plant for manufacturing certain products, and will utilise the company as a distributor for the products  manufactured or imported by its subsidiary in India on terms to be mutually agreed," the release added.