Cargill Inc, one of the world's largest privately held companies, has acquired the flagship brand Sunflower Vanaspati of Azim Premji-led Wipro Ltd. Sunflower Vanaspati is a premium brand in Maharashtra and the scope of the acquisition is limited to the product brand only, said a statement.
"This acquisition strengthens Cargill’s existing portfolio of leading edible oil and vanaspati brands and also expands its market reach in India’s palm oil and its derivaties including vanaspati market. Apart from marketing its edible oil portfolio that includes brands such as Nature Fresh, Sweekar and Gemini, Cargill already locally produces and markets Vanaspati under its brands Rath, NatureFresh Purita and, Gemini," Cargill added.
The move comes as Wipro is demerging its non-IT businesses including Wipro Consumer Care & Lighting (including the furniture business), Wipro Infrastructure Engineering (hydraulics & water businesses) and the medical diagnostic products and services business (through its strategic joint venture), into a separate company, to be named Wipro Enterprises Ltd.
Shares of Wipro, which also announced acquisition of Singapore-based FMCG company L.D. Waxson Group , closed up 0.61 per cent at Rs 381.85.
"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.
Cargill started operations in India in 1987 and has businesses in refined oils, food ingredients, grain and oilseeds, sugar, cotton, animal feed, trade structured finance and operates a non banking
financial company. It markets brands of edible oils such as NatureFresh, Gemini and Sweekar and Rath. Cargill employs more than 2,000 employees working across offices and plants and a network of warehouses and depots.
(Edited by Prem Udayabhanu)