The brands are being sold to Uma Global Foods, and Uma Consumer Products which are subsidiaries of Reactivate Brands International, a Singapore-headquartered company and an affiliate of CSAW Aqbator (Singapore). CSAW is focused on acquiring and scaling up food brands to promote affordable wellness.
HUL's decision to divest is in line with the stated intent of exiting non-core categories while continuing to drive its growth agenda in the packaged foods business of dressings, scratch cooking and soups. The deal envisages the transfer of trademarks, copyrights and other intellectual properties associated with India and several other geographies.
The transaction is subject to customary closing conditions, and HUL will continue to manage the business until the completion of the transaction. HUL will received a consideration of Rs 60.4 crore for the sale.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
