Unilever India Exports, a subsidiary of Hindustan Lever Limited (HLL), has reached an agreement to sell home delivery retail business Sangam to Wadhawan Food Retail Limited (WFRL) on a slump sale basis.
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The Sangam business was launched in 2001 to experiment with the direct to consumer channel in Mumbai. The business operates a call centre and a network of re-distribution centres.
Although Project Sangam has met many of its business milestones, HLL said it is not of further strategic interest to the group.
In a statement released yesterday (4 April) HLL said it believes that WFRL, an emerging player in the Indian retail industry, will be better positioned to realise the potential of the Sangam business.
The turnover and transaction value is not of material value to HLL, the company added.
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By GlobalDataWadhawan Food Retail is currently present in Mumbai through its retail Food & Grocery store “Spinach”.
