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HLL completes disposal of mushrooms business
By Our Special Correspondent
MUMBAI,
JUNE 18.
Hindustan Lever Ltd (HLL) has completed the disposal of its 100 per cent shareholding in KICM (Madras) Ltd to two non-resident Indians (NRIs) namely, Ramana Epparla and Siva Epparla after receiving necessary approvals from the Foreign Investment Promotion Board (FIPB) and the Reserve Bank of India (RBI), HLL informed today.
Earlier HLL had entered into a memorandum of understanding with these NRIs for disposal of its mushrooms business effective from August 1, 2003. KICM, a subsidiary of HLL had acquired the mushrooms factory near Udhagamandalam, which employs about 300 people from HLL effective July 1, 2002 and had then assured the employees continuity in employment and protection to existing terms and conditions of service.
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