Godrej Industries sells its ‘Pesticide Biz’ to Denmark-based firm
The Godrej group has exited the pest control service business by selling its entire shareholding in Godrej HiCare to ISS a leading Denmark-based facility services company at a consideration of around Rs 100 crore.
Godrej group flagship, Godrej Industries, had a controlling stake of about 80% in Godrej HiCare, while the balance 20% being held by individuals like A Mahendran, director, Godrej HiCare.
Godrej Industries said the acquisition would grant ISS access to an extensive network and franchise base built by the Godrej HiCare across 18 cities in India. The company had diversified into the pesticides business four-five years ago.
Post acquisition, Godrej HiCare, will become a wholly-owned subsidiary of ISS, and would be merged into the ISS brand.
Earlier, Godrej group had hived off its urban gourmet retailing venture, Nature’s Bounty, formerly a part of Godrej Agrovet, into a separate unit, stating it would explore options to partner with global gourmet retailers.
ISS provides facility services, including cleaning, office supports, property services, cleaning and catering services, to reduce costs of the clients. The company is present in 50 countries with over 5,00,000 employees and more than 150,000 businesses-to-business customer.