Godrej Industries (GIL) has entered into a share purchase agreement to divest its 43% stake in Godrej Hershey to the Hershey Company for an undisclosed consideration. The transaction is expected to close by the end of second quarter fiscal year 2012-13.
Post the transaction Godrej Hershey will become a wholly-owned subsidiary of the Hershey Company. For the fiscal year ended March 31, 2012, Godrej Hershey posted net sales of Rs 386 crore and losses of Rs 74 crore.
Godrej Industries is part of the Godrej group, one of the leading business groups in India and is in the businesses of Oleo-chemicals, surfactants, finance & investments and estate management. It has substantial interests in several industries including property development, oil palm plantation, animal feeds and agro-products, poultry, personal care and household care etc., through its subsidiaries, associate companies and joint ventures.
