Lever Gist Brocades, the 50:50 joint venture between Hindustan Lever Ltd (HLL) and The Netherlands-based Gist Brocades International, has closed down its India operations citing unviable business conditions.
HLL had joined hands with the Dutch firm in 1997 for manufacturing fresh and instant dry yeasts in the country. Earlier this year, HLL was planning to exit the venture in line with its decision to switch focus from non-core operations.
Senior HLL executives told Business Standard:
