Leading spice maker MDH Ltd has refuted the reports of a possible sale of its business to FMCG maker HUL. The reports suggested that MDH promoters are in talks to sell their business to HUL. Terming such reports as "completely false, fabricated and baseless", MDH in a message posted on its official Twitter account urged people "not to believe such rumours". "MDH Pvt Ltd is a legacy, which Mahashay Chimi Lal Ji and Mahashay Dharampal Ji nurtured all their lives, and we are committed to taking that legacy forward with all our heart," said a message from MDH Chairman Rajeev Gulati.
FMCG major HUL, which owns popular household brands such as - Lux, Lifebuoy, Surf Excel, Rin, Wheel, Ponds - declined to comments on the issue. "We do not comment on market speculation," said an HUL spokesperson. A report had claimed HUL is in talks with the Delhi-based Mahashian Di Hatti Pvt. Ltd (MDH) to buy a majority stake. It had further claimed that the value of this deal may be anywhere between Rs 10,000 to Rs 15,000 crore. However, MDH declined any such considerations. Recently several leading FMCG players such as ITC and Tata Consumers Pvt Ltd have increased their play into the spices segment, which is considered to be a high margin business.
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