FMCG major Hindustan Unilever Ltd (HUL) said its subsidiary Ponds Exports Ltd will sell certain movable assets and inventory of its leather business to Hindustan Foods for an undisclosed sum.
“Ponds Exports Ltd (PEL), a subsidiary of Hindustan Unilever Ltd, engaged in the business of manufacturing of leather products, has entered into an agreement with Hindustan Foods Ltd for sale of certain movable assets and inventory with respect to the leather business of PEL,” Hindustan Unilever Ltd said in a BSE filing.
Hindustan Foods said, “This marks the entry of Hindustan Foods Ltd in the leather shoes exports space with a global clientele”.
Shares of Hindustan Unilever Ltd were trading 0.88 per cent higher at Rs 824.40 on BSE.
