HUL acquires 51% stake in Zywie Ventures

Hindustan Unilever (HUL) announced on Wednesday that it has completed the acquisition of 51% shareholding of Zywie Ventures for total consideration of Rs 264.28 crore.

Consequent to the above acquisition, Zywie Ventures has become a subsidiary of the company.

The company said that the objective of the acquisition is to enter in the health & wellbeing category.

Zywie Ventures is involved in manufacture, buying, selling, trading and dealing in protein products; vitamins, minerals and supplements; and beauty and personal care. The company reported a turnover of Rs 124.17 crore for the financial year ended 31 March 2022.

The company stated that the acquisition is in accordance with the terms and conditions of the definitive agreements signed on 8 December 2022. The company has acquired 19% stake for total consideration of Rs 70 crore on the same date.

 

HUL is India's largest fast moving consumer goods company. The FMCG major reported 20% increase in standalone net profit to Rs 2,616 crore on a 16% rise in net sales to Rs 14,514 crore in Q2 FY23 over Q2 FY22.

The scrip declined 0.60% to currently trade at Rs 2,578.30 on the BSE.

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