Spices maker MDH has termed the news of selling its business to FMCG sector giant Hindustan Unilever as baseless.
Spices giant MDH has termed the news of selling its business to FMCG sector giant Hindustan Unilever (HUL) as baseless. Earlier, it was revealed in some reports that the promoters of MDH are in talks with HUL to sell their business. MDH has termed all such reports completely baseless through a tweet. According to the report’s claim, this deal was going to be worth 10-15 thousand crores.
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MDH to carry forward the legacy
MDH Chairman Rajeev Gulati has written that MDH is a legacy that Monsieur Chunilal and Mahasaya Dharampal have cherished throughout their lives and now it is the responsibility of carrying forward their legacy. A report had claimed that HUL is about to buy a majority stake in MDH, which today MDH has termed as baseless. On the other hand, a spokesperson of HUL, which sells products like Lux, Lifebuoy, Surf Excel, Rin, Wheel and Ponds, said they do not comment on the market specification.
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ITC and Tata Consumers also in the business of spices
Recently, ITC and Tata Consumer increased their stake in the Spice segment, which is considered a high-margin business. About two years ago, ITC had bought stake in Eastern India giant Sunrise Foods. The deal was worth around Rs 2150 crore. Talking about MDH, Dharampal Gulati came to India from Sialkot, Pakistan at the time of independence, took forward his family company and created a business empire worth thousands of crores. Gulati died in December 2020 and after him the business was taken over by the next generation. MDH sells more than 60 products and its spices are also shipped abroad.
(Input: PTI)
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