Hindustan Unilever Limited (HUL) on Friday late evening informed the stock exchanges the sale of its atta and salt business under the brands ‘Annapurna’ and ‘Captain Cook.’
The brands are being sold at ₹60.4 crore to Uma Global Foods Pte Ltd., and Uma Consumer Products Private Ltd. which are subsidiaries of Reactivate Brands International, a Singapore-headquartered company and an affiliate of CSAW Aqbator Pte Ltd. (Singapore). The transaction is expected to occur within a period of 90 days.
HUL had a turnover of ₹127 crore from the brands in FY22, which was less than 1 per cent of the company’s turnover.
The company stated 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. The 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 & Managing Director of HUL.
“We are delighted to bring Annapurna and Captain Cook into our portfolio. Both these brands have a long history of providing high quality food products to Indian consumers. We are confident of scaling them up and expanding globally, leveraging founders’ experience. These brands fit well with our mission to promote affordable wellness,” said Ashok Vasudevan, Co-Founder of Uma Global Foods.