Hindustan Unilever Ltd (HUL) on Friday announced the completion of divestment of its water purification business under the brand ‘Pureit’. The company had, earlier on July 15, announced that it has signed an agreement for the sale of its Pureit business in India to A.O. Smith. Pureit offers a range of residential water purification solutions, primarily in India.
In a regulatory filing, HUL said, “Pursuant to Regulation 30(7) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, it is hereby informed that the Company has, on 1st November, 2024, completed the sale and divestment of its Water Purification business carried under the brand ‘Pureit’.”
Kevin J Wheeler, Chairman and Chief Executive Officer, A.O. Smith, said, “Pureit complements our premium brands in the market and their strength in e-commerce will allow us to expand our presence in that channel. This acquisition aligns with our strategy of adding scale and enhances our premium water treatment product portfolio and distribution footprint.”
Meanwhile, Parag Kulkarni, President of A.O. Smith Indian Water Products Private Limited, said, “We are excited to welcome Pureit to the A.O. Smith family. Pureit’s history of providing effective water purification solutions has made them a leader in the water industry. Our cultures align closely, emphasizing innovation, best-in-class customer service and premium products. Together, we will elevate our brand and expand our reach and impact across South Asia.”
From: financialexpress
Financial News
