The processed food business brand of the Marico Ltd named Sil, has recently been sold by the company to the Scandic Food India Pvt Ltd. The Scandic Food India is actually the Indian subsidiary company of the Danish company named Good Food Group (GFG) and the officials from the Marico have denied to disclose anything about the amount of financial consideration that was involved in this hand over.
The Marico Ltd has informed the news through an official statement released on Tuesday and said that the divestment would take place on a slump sale basis and its manufacturing facility at Saswad, near Pune is also included into this transaction. The statement added that the present employees at Maricos facility will be taken on board by the Scandic. The statement further said that Marico will be distributing the Sil range of products for Scandic for a period of one year after the transaction is over.
While commenting on the matter, the Chief Executive Officer of Marico Ltd, Mr. Saugata Gupta said, "This divestment will release management bandwidth for our core that is Beauty and Wellness. Although Sil was a very small part of our business, it would provide a good platform to Scandic Food to farm the jams and sauces category in India". The Chairman of the Good Food Group, Mr. Otto Christensen was also expressing his views over the issue and said, "The acquisition of Sil business enhances our presence in the country and complements our range of premium jams under the brand Dana".
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| Posted : 3/13/2008 |
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