FMCG major HULBSE 0.36 % plans to exit its 21-year-old joint venture Kimberly-Clark Lever Pvt Ltd (KCLL), which is into baby and feminine care business through its brand Huggies and Kotex.
HUL, which had formed the 50:50 JV with US-based Kimberly -Clark Cooperation (KCC) in 1995, said the decision to divest its stake in the partnership is part of the company's objective to focus on its core business.
The board of the company, in its meeting held today, approved "company's intention to divest its shareholding in KCIL to its JV partner Kimberly-Clark Cooperation (KCC)," HUL said in a BSE filing.
"The above decision is in line with HUL's objective to focus on its core business. KCC remains committed to building the business for the long term in India and growing in its core categories," it added.
The company further added: "Over the next several months HUL and KCC will work together to define the terms and the future operating model for the business. In the interim, both parties are committed to ensuring that the business operations continue as usual and the transition is smooth."
Read more here