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Hindustan Foods to acquire pest product facility from RB
FMCG firm Hindustan Foods (HFL) today said it will acquire the pest products manufacturing factory of Reckitt Benckiser India (RB) at Samba, Jammu as a going concern on a slump sale basis.
With the acquisition, the company is looking to achieve a minimum top line of Rs 125 crore.
HFL is in the process of acquiring the factory as a going concern on a slump sale basis and also the leasehold rights over the factory from the State Industrial Development Corporation (SIDCO,J&K), the company said in a BSE filing.
HFL has also entered into a supply agreement on October 26 for supply of pest products to RB which will commence from closing date to be decided by the two parties.
The company said the transfer of the unit from RB to HFL and start of operation by HFL will take approximately two months as HFL is required to complete all legal documentation.
Last December, the company took over a Hindustan Unilever enterprise, Ponds Exports Ltd, engaged in leather business.
HFL MD Sameer Kothari said : "We are confident of achieving a minimum top line of Rs 125 crore from this acquisition."
Hindustan Foods stock closed 0.32 down at Rs 315 on BSE.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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