Oral care company Colgate Palmolive India has transferred its shareholding in its Nepal subsidiary to Nepal-based Everest Hygiene Products, for an undisclosed amount.
"All employees of Colgate-Palmolive (Nepal) would continue their employment on the existing terms and conditions under the new ownership," the company said in a filing to the Bombay Stock Exchange (BSE).
Following the sale, Colgate-Palmolive India has entered into an agreement with Everest Hygiene to continue sourcing toothpowder from the latter's factory in Nepal. The sourcing will help maintain continuity of operations of the plant and exports from Nepal. Shares of Colgate-Palmolive India closed at Rs 388.55, down 0.30 per cent on the BSE.
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