Water technology company AO Smith Acquires HUL’s Pureit Water Business for approximately Rs. HUL stated, “The Board of Directors has approved the sale and divestment of the Company’s Water Purification business, operated under the Pureit brand, including trademarks, copyrights, and other intellectual properties, as well as identified assets and contracts associated with the business, on a slump sale basis to AO Smith India Water Products Private Limited.”AO Smith Acquires HUL’s Pureit Water Business: The DealThe company finalized the divestment of Pureit on November 1, 2024. In July, HUL announced its decision to sell the Pureit business to AO Smith India for approximately ₹601 crore (about $72 million). For the financial year ending March 31, 2024, the turnover of the Pureit water purification business reached ₹293 crore. AO Smith Corporation noted that the total acquisition cost for Pureit amounts to around $120 million, subject to customary adjustments.

Source: Mint November 04, 2024 10:25 UTC