Consumer goods major Hindustan Unilever Ltd has acquired the remaining 75 per cent stake held by its other partners in Bhavishya Alliance Child Nutrition Initiatives (Bhavishya Alliance), a not-for-profit company, as per a stock market disclosure.
Financial terms of the transaction were not disclosed.
Bhavishya Alliance is a partnership among organisations from the private, public and non-profit sectors with the aim to reduce the number of undernourished children in India. It was founded in 2006 as a non-profit organisation by another non-profit company Synergos Institute, the United Nations Children's Fund (UNICEF), Unilever and local stakeholders to tackle the issue of child undernutrition.
Hindustan Unilever provided office space, equipment and amenities, while ICICI Bank, Hindustan Unilever and HDFC contributed to the salaries and operational costs of the alliance.
The organisation is focused on the Indian state of Maharashtra and has executed projects such as the food diversification for improving the quality and variety of supplementary nutrition foods provided at anganwadis (child care centres); skill enhancement for girls; day-care centres for children of working mothers in slums and construction sites in Mumbai and Navi Mumbai; among other community level programmes.
On Monday, shares of Hindustan Unilever were trading at Rs 936.8, down 0.56 per cent at 1:12 PM on the Bombay Stock Exchanges in a weak Mumbai market.
(Edited by Joby Puthuparampil Johnson)