Godrej Consumer Products Ltd (GCPL) today said it has divested its entire stake in its UK business, Godrej Consumer Products UK Ltd, to JZ International effective immediately for GBP 34 million (over Rs 310 crore).
Commenting on the development, GCPL Executive Chairperson Nisaba Godrej said: "As we build on our presence in these emerging markets and sharpen our strategic focus, we have decided to divest our UK business." This is in line with company's long-term objective of continually optimising its portfolio and making the appropriate capital allocation choices to drive superior value creation, she added.
The consideration received from such sale is GBP 34 million, with adjustments -cash/ debt, working capital, holdback amounts as per the agreement including deferred consideration, GCPL said.
"We are delighted to announce the acquisition of Godrej UK from Godrej Consumer Products and we look forward to working with the talented UK management team," JZ International Senior Partner Martin Wright said.