Hindustan Unilever has announced that pursuant to the terms of agreement entered between Hindustan Unilever Ltd. (HUL) and Cap Gemini 5A in October 2006, HUL has divested its remaining 49% stake in Capgemini Business Services (India) Ltd. (CGBSL) [formerly Unilever India Shared Services Ltd. (UISSL)].
UISSL was the in-house BPO unit of HUL. Cap Gemini SA and HUL entered into an agreement in September 2006, for sale of 51% controlling stake of HUL in UISSL. Post dilution, UISSL was renamed as Capgemini Business Services (India)
Ltd.
In terms of a separate agreement entered in October 2006 and subsequent amendments thereto, both parties further agreed for dilution of the balance 49% stake of HUL in favour of Cap Gemini SA by March 31, 2010. Accordingly, HUL has now divested its 49% stake in CGBSL in favour of Cap Gemini SA.