GODREJ CONSUMER PRODUCTS (GCPL) said on Thursday that it will acquire Raymond's consumer care business in an all-cash deal of ₹2,825 crore.
The move will mark the exit of Gautam Singhania-led Raymond group from the FMCG business through the sale of its brands housed under lifestyle business Raymond Consumer Care (RCCL) through a slump sale. The deal is expected to be completed by May 10.
Following the sale, Raymond will demerge RCCL into a separate listed entity and continue to be a listed entity with presence in realty and investments in engineering and denim businesses. The move would also help the company to become debt free.
"The deal with Godrej will help us unlock value, create two pure-play companies. It will help make a zero net debt company as all the liabilities will be taken away, which is good for the shareholders. The realty business will also be a listed entity through Raymond, and we continue to remain committed, and will infuse funds into the company that are generated from monetisation of assets," Raymond CMD Gautam Hari Singhania said.
This story is from the April 28, 2023 edition of Financial Express Mumbai.
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This story is from the April 28, 2023 edition of Financial Express Mumbai.
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