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Hindustan Unilever: Hindustan Unilever has planned to sell its cashew and flour business. The company informed on Friday i.e. February 17 that it has entered into a deal with a Singapore company. Hindustan Unilever (HUL) sells its salt brand in India under the name of Annapurna and flour brand under the name of Captain Cook.
The company expects that it will get an amount of Rs 60 crore in this deal. Both these brands are being sold to Uma Global Foods Pte Ltd and Uma Consumer Products Pte Ltd, which are subsidiaries of Reactivate Brands International, a Singapore-headquartered company and associate of CSAW Exuberant Pte Ltd (Singapore).
Why is HUL selling these brands?
The company will now focus on growing its business in the packaged food segment of scratch cooking, dressing and soup. During FY2022, the revenue of the salt and flour brand was Rs 127 crore, which is less than 1 per cent of the company’s total revenue. The company said in a statement that its decision is under the pre-determined agenda, as the company wants to focus on some other business.
‘Selling this business is in the interest of the company’
HUL CEO and MD Sanjiv Mehta said Annapurna and Captain Cook were launched more than two decades ago. Given our strategic priorities and portfolio choices, we believe it is in the best interest of the business to sell these brands to Reactivate Brands International. In such a situation, the company can show its full potential.
At the same time, Ashok Vasudevan, co-founder of Uma Global Foods, said that we are happy to bring Annapurna and Captain Cook to our portfolio. We will take advantage of the experience of the founders to enhance them and expand to the global level.
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