The country’s leading spice company MDH Limited has ruled out the possibility of selling its business to Hindustan Unilever (HUL). Some media reports said that the promoters of MDH were in talks to sell their spice business to HUL. Now after the statement issued by MDH, it became clear that the company would not be sold.
What the company said: MDH on its official Twitter account termed such reports as “completely false, fabricated and baseless” and said people should not believe such rumours. Rajeev Gulati, Chairman, MDH said in his post, “MDH Private Limited is a legacy carried forward by Mahashay Chimilalji and Mahashay Dharampalji throughout their lives. We are wholeheartedly committed to taking this legacy forward.
FMCG company HUL too declined to comment on reports that talks with MDH are underway. A company spokesperson said that we do not react to market speculation.
Selling news: A recent report said that HUL is in talks to buy a majority stake in MDH. The value of the deal was also expected to be in the range of Rs 10,000 crore to Rs 15,000 crore.
Other major FMCG players, ITC and Tata Consumers Ltd, have increased their presence in the spice business in the recent past. ITC had acquired Sunrise Foods in the year 2020 for Rs 2,150 crore. ,Photo – MDH website)