The deal envisages the transfer of trademarks, copyrights and other intellectual property related to India and several other territories, it said. HUL will continue to operate until the transaction is completed.
Hindustan Unilever Ltd (HUL) has signed an agreement to sell its atta and salt business under the brands ‘Annapurna’ and ‘Captain Cook’ for Rs.640 crore.
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These brands are sold to Uma Global Foods Pvt Ltd and Uma Consumer Products Pvt Ltd, subsidiaries of Reactivate Brands International, a company headquartered in Singapore and an affiliate of CSAW Aqbator Pte Ltd. (Singapore). . HUL said CSAW is focused on acquiring and expanding food brands to promote affordable wellness.
The decision to sell HUL is in line with its stated intention to exit non-core categories while continuing to drive growth in processed food businesses such as dressings, scratch cooking and soups, the company said. The deal envisages the transfer of trademarks, copyrights and other intellectual property related to India and several other territories, it said. HUL will continue to operate until the transaction is completed.
Sanjiv Mehta, CEO and Managing Director of HUL, said:
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