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01 April, 2020 02:07 IST
Godrej Consumer Products divests entire stake in UK business
Source: IRIS | 03 Sep, 2018, 09.39AM
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Godrej Consumer Products (GCPL) announced that it has divested its entire stake in its UK business, Godrej Consumer (Q,N,C,F)* Products UK, to JZ International, a leading pan-European private investment business based in London, effective immediately.
Commenting on this announcement, Nisaba Godrej, Executive Chairperson, GCPL, said, ''We continue to make strong progress on our journey to be a leading FMCG player in emerging markets; guided by our 3 by 3 approach, and focused on 3 categories (home care, hair care and personal care), in 3 geographies (Asia, Africa and Latin America).

As we build on our presence in these emerging markets and sharpen our strategic focus, we have decided to divest our UK business. This is in line with our long-term objective of continually optimising our portfolio and making the appropriate capital allocation choices to drive superior value creation.

Godrej UK was our first international acquisition back in 2005 and over the years, our team has created a strong personal care business with leading brands such as Touch of Silver, Cuticura and Soft & Gentle. We would like to take this opportunity to wish JZ International the very best as they lead the business into its next phase of growth.''

Shares of the company declined Rs 9.2, or 0.64%, to trade at Rs 1,438.00. The total volume of shares traded was 6,561 at the BSE (9.30 a.m., Monday).

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