Cargill buys Wipro's oil brand
Wipro to focus to personal care; Cargill strengthens edible oil portfolio.December 12, 2012 | comments ( 0 ) |
In a recent development, Wipro, earlier known as Western India Vegetable Products Ltd, has sold its initial core business, the Sunflower Vanaspati brand, to food-to-industrial products multinational Cargill.
Wipro had started the business of selling vanaspati, vegetable ghee and refined oil in 1945. Only after 1966, when Azim Premji took over is when the company transformed into a multi-billion soap to IT conglomerate.
Wipro in order to grow its focus towards personal care, skin care and wellness, decided to divest the Sunflower Vanaspati brand. In a statement, the company said the scope of the acquisition is limited to the product brand.
With this acquisition, Cargill will strengthen its edible oil and vanaspati brands and expands its market for palm-oil and derivatives.
“Acquiring Sunflower Vanaspati underscores Cargill's long-term commitment to growing our consumer food business in India. It is an excellent fit with our existing strong brand portfolio, through which we serve a significant consumer base across the country,” said Siraj Chaudhry, Chairman, Cargill India.
Anil Chugh, Senior Vice-President, Wipro Consumer Care, said: “We have identified our core market segments to be personal care, skin care, wellness and lighting and, in line with our strategy, we are divesting the Sunflower Vanaspati business.”
He added: “The Sunflower Vanaspati business was about one per cent of the total Wipro Consumer Care and Lighting revenue. All employees related to this business will be absorbed in our current operations.”
- Instant noodle brand YiPPee crosses Rs 1,000 crore sales mark
- Myntra CEO & CFO quit
- Levi Strauss plans to launch IPO
- Coffee Day Enterprises profit up by 60% in Q2 results
- Ecommerce to contribute 11% of FMCG sales by 2030: Nielsen
- Perpule Raises $4.7 million in Series A to Fuel Omni-Channel Retail & Consumer Commerce in India
- Kellogg plans to reorganize cookies and fruit snacks category
- India Post launches e-commerce portal
- Binny Bansal exits Flipkart
- Britannia Industries records profit in Q2