Mumbai, June 20: FMCG major Hindustan Lever Ltd (HLL) has decided to transfer its domestic oils and fats business in India and Nepal to US-based Bungee Ltd, a global agribusiness and food company, for about Rs 90 crore. HLL board on Friday approved in-principle the proposed transaction subject to a nod from shareholders and has signed a MoU to this effect, the company said in a release.

The divestment of the business is in line with HLL's focussed business strategy and rationalisation of its existing brand portfolio, it said.
Value-added processed foods would continue to remain the key focus area for HLL's growth and it would seek to build and grow its portfolio of products and categories in this market with power brands such as Knorr, Kissan and Annapurna, it said.
The proposed transfer of business to Bunge, which is structured as a slump sale/going concern would include the manufacturing facility at Trichy, Tamil Nadu, together with about 300 employees with continuity of service and full protection to existing terms and conditions, the release said. Bureau Report