Unilever bumps up stake in Indian subsidiary to 67.26%

Published: 25-Jul-2013
Finance

The move is part of the company\'s strategy to invest in emerging markets


Anglo-Dutch cosmetics giant Unilever has said it will increase its stake in Hindustan Unilever Ltd (HUL) to 67.26% from its current 52.48% as part of a strategy to invest in emerging markets. The offer of Indian rupee INR600 per share values the transaction at around INR191.74bn (around €2.49bn). The share transaction was due to be completed by 18 July.

Unilever will continue to consolidate 100% of the results and net assets of HUL, said the company in a press release, but the net profits attributable to non-controlling interests and the share of equity of the non-controlling interests will both be lower after the transaction.

“HUL is a market leader in the fast moving consumer goods business in India,” said Unilever, “with brands spanning categories such as soaps, detergents, shampoos, skin care, toothpastes, deodorants and cosmetics.”

Its brands include developed market brands such as Axe, Closeup, Dove, Fair & Lovely, Lifebuoy, Lux, Pepsodent, Pond’s, Sunsilk, Surf and Vaseline, along with regional stalwarts such as Lakmé, set up in 1952 at the request of Prime Minister Nehru to create a domestic brand for India.

HUL generated over INR270bn turnover (€3.8bn) and net profits of over INR38bn (€0.5bn) for the financial year ending 31 March 2013.

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