HUL exits Capgemini Business Services (India)
March 29, 2010
FMCG major Hindustan Unilever (HUL) has divested its remaining 49% stake in Capgemini Business Services (India), earlier known as Unilever India Shared Services (UISSL), according to the terms of agreement entered between the company and Cap Gemini SA.
In September 2006, HUL and Cap Gemini SA had inked an agreement as per which the former had agreed to sell its 51% controlling stake in UISSL to the latter. After executing the said agreement, both parties in October 2006 further agreed for dilution of the balance 49% stake of HUL in favour of Cap Gemini SA by March 31, 2010.
Accordingly, HUL has now divested its 49% stake in Capgemini Business Services in favour of Cap Gemini SA.
HUL had posted a net profit of Rs 649.11 crore for the quarter ended December 31, 2009 against Rs 615.74 crore for the quarter ended December 31, 2008, up 5.42%.