HUL sells Annapurna, Captain Cook brands for Rs 60.4 crore

20 Feb 2023 , 02:34 AM

Hindustan Unilever, will sell its Annapurna and Captain Cook brands to Singapore-based Uma Global Foods for Rs 60.4 crore, to exit from non-core atta and salt business.

Uma Global Foods and Uma Consumer Foods are the subsidiary of Reactivate Brands International, a Singapore-based company.

HUL said in its filing that, “Hindustan Unilever Limited (“Company’) has entered into definitive documents (“Transaction Documents’) for sale and divestment of “Annapurna’ and “Captain Cook’ brands in the “Atta & Salt’ categories of the foods business of the Company including the trademarks, copyrights and other intellectual properties and any exclusive assets and contracts associated with the brands to Uma Global Foods Pte Ltd and Uma Consumer Products Private Limited, affiliates/nominees of CSAW Aqbator Pte Ltd.”

Sanjiv Mehta, CEO & 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.’

The turnover of Annapurna and Caption Cook stands for Rs 127 crore in the FY21-22, which is nearly 1% of HUL’s turnover.

As per the third quarter ended December 2022, HUL’s standalone net profit rose 11.6% year-on-year (YoY) to ₹2,505 crore. The firm had reported a profit of ₹2,243 crore in the corresponding quarter of last year.