HUL exits Capgemini Business Services

Hindustan Unilever Ltd (HUL) has divested its remaining 49 per cent stake in Capgemini Business Services (India) Ltd (CGBSL).

The divestment is in keepinjg with the terms of agreement entered between Hindustan Unilever Ltd and Cap Gemini 5A in October 2006, HUL said in a filing with the Bombay Stock Exchange (BSE).

Capgemini Business Services (India) Ltd (CGBSL), earlier known as Unilever India Shared Services Ltd (UISSL), was the in-house BPO unit of HUL.

CapGemini SA and HUL entered into an agreement in September 2006 for sale of 51 per cent controlling stake of HUL in UISSL. Post dilution, UISSL was renamed as Capgemini Business Services (India) Ltd.

In terms of a separate agreement entered in October 2006 and subsequent amendments, both parties further agreed to the dilution of the remaining 49- per cent stake of HUL in favour of Cap Gemini SA by 31 March 2010. Accordingly, HUL has now divested its 49 per cent stake in CGBSL in favour of Cap Gemini SA, the release said. 

HUL shares were trading Rs2.1, or 0.88 per cent higher at Rs239.70 in afternoon trades on the BSE. The total volume was 166,793 at 2.45 pm.