Hindustan Unilever (HUL) has signed an agreement for the sale of its atta and salt business carried out under the brands -- Annapurna and Captain Cook.
The brands are being sold to Uma Global Foods and Uma Consumer Products, according to a company statement shared with exchanges.
Uma Global Foods and Uma Consumer Products are subsidiaries of Reactivate Brands International, a Singapore-headquartered company and an affiliate of CSAW Aqbator (Singapore). CSAW is focused on acquiring and scaling up food brands to promote affordable wellness.
The fast-moving consumer goods firm said its 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, according to the statement released on Friday evening.
The transaction is subject to customary closing conditions, and HUL will continue to manage the business until the completion of the transaction.
Sanjiv Mehta, Chief Executive Officer and Managing Director of HUL, said: "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."
Ashok Vasudevan, Co-Founder of Uma Global Foods, said: "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".
( With inputs from ANI )
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