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Mumbai (Maharashtra) [India], January 24 (ANI/NewsVoir): FMCG contract and private label brand manufacturer, Hindustan Foods Limited ("HFL") today signed a Share Purchase Agreement with Reckitt Benckiser India Pvt. Ltd. to acquire the entire issued Share Capital of Reckitt Benckiser Scholl India Private Limited (RBSIPL).
This marks HFL's entry into fast growing OTC Healthcare and Wellness segment as a contract manufacturer. HFL had announced its intention to enter into contract manufacturing in this segment as recently as August 21 and had secured an approval from the Board during the meeting held in November 2021.
The factory is an Export Oriented Unit inter alia into manufacturing and supply of foot care products. The facility adheres to GMP norms and is approved by The Medicines and Healthcare products Regulatory Agency ("MHRA"), UK.
All employees of the factory will be retained and HFL is expected to leverage the potential by expanding site utilisation and capacities and thus increase the share of business for foot care products worldwide from this site. The Factory would continue to act as third-party manufacturer for Reckitt and its affiliates in India and abroad.
The closing of the transaction is anticipated to occur by Quarter 1, FY 2022-23 and is subject to certain customary regulatory and other approvals and the satisfaction of certain other conditions.
Sanjay Sehgal, President, Health & Wellness Division, Hindustan Foods Limited said, "We are happy with this acquisition that enables us to expand our footprint in the OTC Healthcare and Wellness segment, as a contract manufacturer. The factory fits perfectly well into the HFL ecosystem, and we are positive that we will be able to scale up and deliver efficiently to our customers, worldwide."
The project is the fifth under the HFL banner in FY22. Earlier this year, HFL invested in a Greenfield ice creams project in UP, a detergent bars and bath soaps plant in Hyderabad, a sports shoes manufacturing factory in Chennai, and a surface cleaning liquid products plant in Silvassa.
Hindustan Foods Ltd. was founded in 1984. The Company offers Dedicated and Shared Manufacturing services to top FMCG corporates who are looking to minimize cost while maximizing product quality in the post-GST environment. In 2013, Vanity Case Group bought a controlling stake in Hindustan Foods Ltd. and since then the company has diversified across various FMCG categories with manufacturing competencies in Beauty & Personal Care, Home Care, Food & Beverages, Leather and Sports footwear, Pest Control, Health and Wellness products.
The Vanity Case Group was founded in the year 2001 and is one of the largest and most diversified FMCG contract manufacturers in India. Over the years, HFL has transformed into a scalable, profitable, and the most diversified contract manufacturer catering to various marquee customers.
For more information, please visit (https://www.hindustanfoodslimited.com/).
This story is provided by NewsVoir. ANI will not be responsible in any way for the content of this article. (ANI/NewsVoir)
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