HUL seeks nod to exit from SEZ in Karnataka

FMCG major Hindustan Unilever has sought approval from the government to exit from its SEZ in Karnataka.
Brooke Bond Real Estates Pvt Ltd, a wholly-owned arm Hindustan Unilever Ltd (HUL), is the developer of the sector specific SEZ for IT/ITES/BPO/ Electronic Hardware at village Kundalhalli in Karnataka.
Currently, HUL owns 100 per cent stake in the SEZ.
"The developer has submitted a proposal for change of ownership of shares held by Hindustan Unilever Ltd to Brigade Properties Pvt Ltd," according to the agenda note of the BoA meeting.
Brigade Properties Pvt Ltd is a 51:49 joint venture company between Bangalore-based realty player Brigade Enterprises Ltd and GIC, Singapore, it added.

After the transfer of ownership, the entire ownership will be with Brigade Properties Pvt Ltd.

The SEZ was granted formal approval on March 31, 2010 and was notified on October 7, 2010 over an area of 10.72 hectares.
Reasons for HUL's move to exit from the SEZ could not be ascertained as mailed query to the company remained unanswered.
The matter will be taken up on the 64th meeting of the Board of Approval to be held on February 20, 2015.