HUL to sell ’Annapurna’, ’Captain Cook’ brands for ₹60.4 crore
The company has entered into definitive documents for sale and divestment of Annapurna and Captain Cook brands to Uma Global Foods and Uma Consumer Products.
Hindustan Unilever Limited on Friday said that it has entered into definitive documents for sale and divestment of Annapurna and Captain Cook brands to Uma Global Foods and Uma Consumer Products.
Uma Global Foods and Uma Consumer Products are subsidiaries of Singapore based Reactivate Brands International for ₹60.4 crores the company said.
The sale includes trademarks, copyrights and other intellectual properties and any exclusive assets and contracts associated with Annapurna and Captain Cook, said Hindustan Unilever (HUL).
"Hindustan Unilever Limited (“Company”) has entered into definitive documents (“Transaction Documents”) for sale and divestment of “Annapurna” and “Captain Cook” brands in the “Atta & Salt” categories of the foods business of the Company including the trademarks, copyrights and other intellectual properties and any exclusive assets and contracts associated with the brands to Uma Global Foods Pte Ltd and Uma Consumer Products Private Limited, affiliates/nominees of CSAW Aqbator Pte Ltd.," said HUL in its filing.
The transaction is expected to be completed in 90 days, subject to fulfilment of terms and conditions
The turnover of Annapurna and Captain Cook brands for FY 21-22 stood at ₹127 crore, which nearly a per cent of HUL turnover.
HUL said that the 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.
"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 & Managing Director of HUL.
HUL said its standalone net profit for the third quarter ended December 2022 rose 11.6% year-on-year (YoY) to ₹2,505 crore. The firm had reported a profit of ₹2,243 crore in the corresponding quarter of last year.
The company's scrip closed 0.48 per cent down at ₹2,515 on BSE.
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First Published:17 Feb 2023, 09:57 PM IST
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