New Delhi: India was the flavour of the year, at least in the FMCG sector, as multinationals hiked stakes in their subsidiaries lured by long term potential of the country, while homegrown executives made their way to top hierarchy of global firms in 2013.
The Indian FMCG sector, which is currently pegged at around USD 13.1 billion, also saw various challenges in the form of subdued demand despite good monsoon and bumper harvest that were expected to boost rural sales.
Unilever, GlaxoSmithKline and PepsiCo made big bang announcements during the year as they decided to enhance their play in the "strategic and emerging" Indian market.
Anglo-Dutch consumer goods giant Unilever PLC spent Rs 19,180 crore to increase its stake in the Indian arm Hindustan Unilever Ltd (HUL) to 67.28 percent through an open offer.
It, however, fell short of its target of 75 percent from the earlier stake of 52.48 percent due to lukewarm response from the shareholders to the offer.
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