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Hindustan Unilever Ltd (HUL) today announced that it has signed an agreement for the sale of its rice exports business to LT Foods Middle East DMCC for ₹25 crore
This primarily includes brands ‘Gold Seal Indus Valley’ and ‘Rozana’. The brands registered a turnover of ₹51 crore in 2014-15.
LT Foods is the owner of ‘Daawat’ brand. HUL’s decision to divest is in line with its strategy to exit non-core businesses, while continuing to drive its growth agenda in the core packaged foods business.
The transaction is subject to fulfilment of certain conditions and the parties will work together to complete this over the next few months. HUL will continue to manage the business until the completion of the transaction.
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