NAFED to contribute and promote ‘International Year of the Millet’ 2023 on global scale
Deal envisages the transfer of trademarks, copyrights and other intellectual properties associated with India and several other geographies
Hindustan Unilever Limited (HUL) has signed an agreement for the sale of its atta and salt business carried out under the brands ‘Annapurna’ and ‘Captain Cook.’
The brands are being sold to Uma Global Foods and Uma Consumer Products, which are subsidiaries of Reactivate Brands International, a Singapore-headquartered company and an affiliate of CSAW Aqbator. CSAW is focused on acquiring and scaling up food brands to promote affordable wellness.
HUL’s decision to divest is in line with the stated intent of exiting non-core categories while continuing to drive its growth agenda in the packaged foods business of dressings, scratch cooking and soups.
The transaction is subject to customary closing conditions, and HUL will continue to manage the business until the completion of the transaction.
“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’s best interest to sell these brands to Reactivate Brands International, which is well-positioned to unlock their full potential”, said Sanjiv Mehta, Chief Executive Officer & Managing Director, HUL.