Godrej Consumer Products Ltd. (GCPL), on Friday, said it had inked a pact with private equity firm Creador to divest its non-core food business in Indonesia for an undisclosed amount.
The transaction is expected to close in about two months, the company said in a statement. “Our decision to divest the foods business is very much in line with our strategic intent to focus on home and personal care,” GCPL Chairman Adi Godrej said. The divestiture of this business would improve the margin profile of our Indonesian business and help the team to take the household and personal care platforms to their full potential, he added.
“This acquisition demonstrates our commitment to making growth investments in Indonesia, and reflects our strong capabilities in Indonesia and India,” Creador Founder and CEO Brahmal Vasudevan said.
Shares of GCPL on Friday closed at Rs.723 on the BSE.
