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Mumbai based Marico Limited has announced that as part of a restructure of its businesses its Kaya skin care solutions business will be demerged to run as a separate independent business.
Kaya will be formed as Marico Kaya Enterprises Limited (MaKE) and will initially operate as a 100% subsidiary of Marico Limited. Once the demerger is effective, MaKE’s shareholding structure will mirror that of Marico Limited.
Vijay Subramaniam will take over as ceo of Kaya on 1 April 2013, responsible for the Kaya business in India and overseas. Current ceo Ajay Pahwa, who played a significant role in repositioning the brand, including developing the recently launched Kaya Skin Bar retail format, has decided to leave the organisation to pursue other opportunities.
Marico’s Consumer Product Business and International Business Group will be formed into a unified FMCG business under the banner of Marico Limited.
The demerger is proposed to take effect 1 April 2013.