Consolidating its operations in the Indian subcontinent, the US-based Sara Lee Corporation has sold its subsidiary’s business in India and Sri Lanka to its existing joint venture company Godrej Sara Lee(GSLL) for $13 million.
GSLL will now be manufacturing, marketing and distributing the brands owned by Sara Lee Household and Body Care like Kiwi Shoe Polish, Kiwi Drainex drain cleaner and Brylcream brand of hair care.
Sara Lee Corporation has a 51 per cent stake in Godrej Sara Lee while the balance is held by the Godrej Group in which Godrej Industries has a 20 per cent stake.
(Source: Business Line)
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