Hindustan Unilever Ltd reply to clarification sought by the exchange

| Updated on February 11, 2015 Published on February 11, 2015

The Exchange had sought clarification from Hindustan Unilever Ltd with respect to news article appearing in Asian Age on February 10, 2015 titled "HUL gets nod to exit Karnataka SEZ"

Hindustan Unilever Ltd replied stating "We would like to submit that Brooke Bond Real Estates Private Limited (BBREPL) is a wholly owned subsidiary of Hindustan Unilever Limited and holds property at Bangalore which was proposed to be developed as SEZ.

In September 2014, HUL had entered into an MOU for transfer of its shareholding in BBREPL to Brigade Properties Private Limited, a subsidiary of Brigade Enterprises Limited, Bangalore subject to obtaining requisite approval from SEZ authorities. BBREPL holds a letter of approval for operating an IT/ITES/Electronic Hardware SEZ in Bangalore. Brigade Properties Pvt Limited intends to develop the SEZ of BBREPL. The share transfer is subject to receipt of requisite approvals from SEZ authorities. The Company has not yet completed the transfer of shares in favour of Brigade Properties Private Limited."

Source : BSE - >www.bseindia.com

Published on February 11, 2015
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