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Unilever's acquisition of Rossell hits roadblock - Views on News from Equitymaster
 
 
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  • Jan 22, 2000

    Unilever's acquisition of Rossell hits roadblock

    The Ministry of Finance (MoF) has raised objections to the acquisition of Rossell Industries by Unilever Limited, which is acting in concert with Hindustan lever Limited. The objection has been raised on the grounds that foreign investment is not permitted in agriculture and plantation sectors.

    Hindustan Lever Limited (HLL) is the largest consumer products company in India. HLL's business portfolio comprises soaps, detergents, personal products, food products and frozen desserts.

    Rossell Industries owns 3,171 hectares of tea plantations that produce over 7,000 tonnes of tea per annum. This is just a fraction of the 160,000 tonnes of tea that HLL processes per annum. The acquisition would nonetheless increase the company's in-house sourcing, thus giving it greater control on costs. However, the overall effect of this would at best be marginal.

    The government's decision will delay the acquisition process. Incase permission for acquisition is denied it would be interesting to see the course of action that is adopted by this duo. It would not be surprising for the cash rich HLL to acquire the company on its own, especially in view of the synergies with its existing businesses.

     

     

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