news & notes: HUL to sell atta and salt brands, SKY GOLD NP up by 501 %

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HUL TO EXITS ATTA AND SALT BIZ


Hindustan Unilever WILL SELL ANNAPURNA AND CAPTAIN COOK BRANDS FOR RS 60.4 CRORE

New Delhi: FMCG major HUL on Friday announced selling of its Annapurna and Captain Cook brands to Singapore-based Uma Global Foods for Rs 60.4 crore to exit from non-core atta and salt business. It has signed an agreement for the sale of its atta and salt business carried out under the brands ‘Annapurna’ and ‘Captain Cook’, respectively, the company said in a statement.

“HUL’s decision to divest is in line with the stated intent of exiting non-core categories while continuing to drive its growth  agenda in the packaged foods business of dressings, scratch cooking and soups,” said HUL.

About consideration received from sale of the two brands, HUL said it is Rs 60.4 crore. In the financial year 2021-22, both the brand had a turnover of Rs 127 crore and had contributed less than one per cent of HUL’s turnover, it said.

“The brands are being sold to Uma Global Foods Pte Ltd, and Uma Consumer Products Private Ltd. which are subsidiaries of Reactivate Brands International, a Singapore-headquartered company and an affiliate of CSAW Aqbator Pte Ltd (Singapore),” it said. CSAW is focused on acquiring and scaling up food brands to promote affordable wellness. The deal envisages the transfer of trademarks, copyrights and other intellectual properties associated with India and several other geographies.

“The transaction is subject to customary closing conditions, and HUL will continue to manage the business until the completion of the transaction,” it said. Both brands were launched more than two decades ago.

 HUL CEO & Managing Director Sanjiv Mehta said: “Given our strategic priorities and portfolio choices, we believe it is in the business’s best interest to sell these brands to Reactivate Brands International, which is well-positioned to unlock their full potential.” Ashok Vasudevan, co-founder of Uma Global Foods, said: “We are confident of scaling them up and expanding globally, leveraging founders’ experience. These brands fit well with our mission to promote affordable wellness.” Hindustan Unilever Limited (HUL) is India’s largest Fast-Moving Consumer Goods (FMCG) company, with a revenue of Rs 51,193 crore in FY22.

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 Sky Gold Limited reported net profit of ₹11.67 crore



·      Revenues for Q3FY23 at ₹267.57 crore

·      EBITDA at ₹12.28 crore; up by 73.45%

·      Net profit at ₹11.67 crore; up by 501.55 %

·      EPS at ₹5.91
Mumbai- Sky Gold Limited (BSE Code: 541967), one of the leading jewellery companies based in Mumbai reported an unaudited Financial Results for the Q3 FY23 & 9M FY23.
796 crore by reporting revenues of ₹ 885 crore in the first nine months of the current financial year. We are optimistic about demand growth and expect to close FY23 with splendid performance.”

Established in 2008 Sky Gold Limited (The Company), is one of the leading jewellery companies based in Mumbai. The Company has been engaged in the business of Designing, Manufacturing and Marketing of gold jewellery. The Company is specialised in light weight jewellery of 22 Carat gold. The Company manufactures jewellery through casting. The Company make Plan Gold Jewellery, Studded Gold Jewellery and Turkish Jewellery.

The Company works on B2B model with leading Jewellery Retailers like Malabar Gold & Diamonds, Joyalukkas, Kalyan Jewellers, GRT Jewellers and Samco Gold. The Company also works with large wholesalers. With this Sky Gold products are available at more than 2,000 showrooms across India.

Sky Gold manufactures it’s Jewellery in it’s 25,000 Sq Ft manufacturing facility in Mumbai India with the help of German Equipments. The Company is having capacity of processing 300 Kg Gold per month. The Company has design library of more than 5,00,000 designs of rings, bracelets, bangles, fancy pendants, earrings etc.

The Company entered equity markets by SME IPO on BSE SME in October 2018 raising ₹ 25.56 Crore at issue price of ₹ 180.

For FY22, The Company has reported total Revenues of ₹ 796.26 crore and Net Profit of ₹ 16.92 crore.
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