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Godrej Industries sells services business HiCare to ISS.
Date: 24-04-2009Godrej Industries has exited the pesticide services business by selling HiCare to Denmark-based ISS, a facility services company. It held 80 per cent of Godrej HiCare, which will become a wholly-owned subsidiary of ISS. The proceeds from the sale will go to Godrej Industries and A Mahendran, director, Godrej HiCare (who held 20 per cent of the company).
Earlier, the company had hived off its urban gourmet retailing venture, Nature’s Bounty, formerly a part of Godrej Agrovet, into a separate subsidiary, stating it would explore options to partner with global gourmet retailers. Likewise, for Godrej HiCare, the company was looking for a strategic partner to take it to its next level of growth. crackcrack