Marico to separate Kaya biz, list it on bourses
NSE, just like Marico Ltd...Listing may take about 60-75 days from the date of receipt of approval of the Scheme of Arrangement from the Court," it added.
MaKE will have its own separate board of directors, distinct from Marico's board, the company said.
"Harsh Mariwala will continue to be the Chairman and Managing Director of both Marico Ltd and Marico Kaya Enterprises Ltd," it added.
The company said there is unlikely to be any adverse impact on the income statement of Marico or MaKE pursuant to the Scheme of Arrangement except for the costs of executing the proposed Scheme.
The company said Saugata Gupta, who currently heads Consumer Products Business will lead the overall FMCG Business, as Chief Executive Officer- Marico and will continue to report to Harsh Mariwala.
"Vijay Subramaniam, who currently heads the International FMCG business, will take over as Chief Executive Officer- Kaya, effective April 1, 2013," it added.
The company said Kaya Chief Executive Officer Ajay Pahwa has decided to leave the organisation, to pursue an entrepreneurial venture backed by private equity investment.
Scrip of Marico today closed at Rs 227.45 on the BSE, up 1.36 per cent from its previous close.
The Kaya skin care business, which was launched in 2002, has 82 clinics in 26 cities across India, 19 clinics in the Middle East and 2 clinics in Bangladesh. Its product range has over 40 products for skin, hair & body for both women and men.
In 2010, Kaya also acquired the aesthetics business of Singapore-based Derma Rx Asia
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