Godrej Industries has departed from its pesticide services business by selling HiCare to Denmark-based ISS, a facility services company.
ISS detained 80% of Godrej HiCare, which will become a wholly-owned subsidiary of ISS. This is a part of the companys step in line with its core objective of sticking to its products business.
The profits from the sale will go to Godrej Industries and A Mahendran, director, Godrej HiCare who held 20% in the company. Godrej Industries had diversified into the pesticides business four-five years ago.
Mahendran, also managing director of Godrej Sara Lee, a consumer products company which has 33% share of the household insecticides market with products like GoodKnight and Hit, the report stated.
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