Divestment of shareholding in Hindustan Field Services Private Limited
HUL to divest stake in in Hindustan Field Services Private Limited (HFS) in favor of Smollan Group (the JV partner).
Hindustan Field Services Private Limited (HFS) was formed as a Joint Venture between Hindustan Unilever Limited (HUL) and Smollan Holdings (Pty) Limited (Smollan) in terms of the Joint Venture agreement entered in November 2007. HFS was incorporated for building capabilities for ‘in-store’ execution in Modern Trade and operates as a dedicated venture with processes, capability and culture of execution.
The Board of Directors of the Company have now agreed to divest 43.31% stake in HFS in favour of Smollan Group, who are currently holding 49% stake in HFS.
HUL will continue to hold 7.69% shareholding of HFS and accordingly HFS will cease to be a subsidiary of the Company.