CORPORATE
HUL to sell Pureit business to AO Smith India Water Products for Rs 601 crore
- IBJ Bureau
- Jul 16, 2024
Hindustan Unilever (HUL) on Monday announced that it would sell its Pureit business in India to AO Smith India – a leading global water technology company and subsidiary of US-based AO Smith Corporation – for Rs 601 crore. The company announced the sale through a disclosure to the stock exchanges.
HUL MD and CEO Rohit Jawa said: “This move is in line with our strategic intent to focus sharply on our core categories. Pureit provides essential water purification solutions to millions of loyal consumers, and I am confident the brand will thrive further under the ownership of AO Smith.”
The FY24 turnover of the water purification business – a part of its overall homecare arm – was recorded at Rs 293 crore, which is less than 1 per cent of HUL’s turnover.
AO Smith India Water Products President Parag Kulkarni said: “The Pureit brand, known for innovative water purification products, strong brand recognition and dedication to customer service, complements AO Smith’s geographic and channel presence. The Pureit team’s deep understanding of consumer needs and water treatment expertise adds tremendous strength to AO Smith in India, and we look forward to welcoming the Pureit team to the AO Smith family.”
There would be no change in shareholding pattern of HUL pursuant to the proposed slump sale, HUL said in its disclosure. The completion of the transaction was expected within an estimated period of three months, subject to any extension, it added.
Report By
View Reporter News