Shares of Hindustan Unilever gained a percent in the early trade on February 20 as the company plans to sell off its atta and salt brands for Rs 60.4 crore.
Hindustan Unilever has entered into definitive documents for sale and divestment of 'Annapurna' and 'Captain Cook' brands in the atta and salt categories of the foods business of the company to Uma Global Foods Pte Ltd and Uma Consumer Products Private Limited, affiliates/nominees of CSAW Aqbator Pte Ltd, (Singapore), said the company in its press release.
The sale and divestment is subject to fulfilment of terms and conditions as under the transaction documents, the closing for the transaction is expected to occur within a period of 90 days, subject to any extension as per terms of the transaction documents.
It is not a slump sale transaction and does not fall within related party transactions, the company said.
Catch all the market action on our live blogThe deal envisages the transfer of trademarks, copyrights and other intellectual properties associated with India and several other geographies.
“Launched more than two decades ago, Annapurna and Captain Cook enjoy strong equity. Given our strategic priorities and portfolio choices, we believe it is in the business' best interest to sell these brands to Reactivate Brands International, which is well-positioned to unlock their full potential,” said Sanjiv Mehta, CEO and Managing Director of HUL.
At 9:26am, Hindustan Unilever was quoting at Rs 2,537.60, up Rs 22.55, or 0.90 percent on the BSE.
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