FMCG major Hindustan Unilever will sell its atta and businesses under the ‘Annapurna’ and ‘Captain Cook’ brands for over Rs 60 crore
HUL’s ‘Annapurna’ and ‘Captain Cook’ brands have been sold to Uma Global Foods and Uma Consumer Products, subsidiaries of Singapore-headquartered Reactivate Brands International
With this divestment, HUL aims to drive its growth agenda in packaged foods business of dressings, scratch cooking and soups
The acquiring party will get trademarks, copyrights, other intellectual properties associated with India and other geographies from HUL’s deal
HUL MD and CEO Sanjiv Mehta said, “Given our strategic priorities and portfolio choices, we believe it is in the business's best interest to sell these brands to Reactivate Brands International, which is well-positioned to unlock their full potential”
Uma Global Foods co-founder Ashok Vasudevan said that the acquisition if materialised can help the company inn global expansion and promoting affordable wellness
Both the brands had a turnover of Rs 127 crore and contributed less than 1 per cent of HUL’s turnover in FY2021-22
HUL reported a 12 per cent rise in net profit at Rs 2,505 crore for the December quarter compared with Rs 2,243 crore in the same quarter in the previous year