Marico Limited (BSE:531642) agreed to spin-off its Kaya Business on January 7, 2013. Kaya Business will be demerged into a new unit which will be named as Marico Kaya Enterprises Limited (MaKE) or any such other name as may be approved by the registrar of companies. The shareholders of Marico Limited as on the record date, likely to be a date in June or July 2013 will have the same proportionate shareholding in MaKE. One fully paid-up equity share of INR 10 each of MaKE shall be issued and allotted at a premium of INR 200 per share for every 50 shares in Marico Limited. MaKE will also be listed on the BSE and the NSE, just like Marico Limited. Listing may take about 60-75 days from the date of receipt of approval of the scheme of arrangement from the court.

MaKE will have a separate Board of Directors, distinct from Marico's Board. Harsh Mariwala will continue to be the Chairman and Managing Director of both Marico Limited and Marico Kaya Enterprises Limited. Saugata Gupta will lead the overall FMCG Business, as Chief Executive Officer – Marico and will continue to report to Harsh Mariwala. Ajay Pahwa, Chief Executive Officer - Kaya, has decided to leave the organization. Ajay will continue to play his current role till April 1, 2013. Vijay Subramaniam, head of IBG will take over as Chief Executive Officer - Kaya, effective April 1, 2013 and will be in charge of the Kaya business in India and overseas and will continue to report to Harsh Mariwala. The finance function will continue to be centrally organized and will act as a shared service group for both Marico and Kaya. Milind Sarwate, group Chief Financial Officer will continue to report to Harsh Mariwala. There is unlikely to be any adverse impact on the income statement of Marico Limited or Kaya Limited or MaKE.

The transaction, approved by the Board of Directors of Marico Limited, is subject to shareholder, creditors, lenders and other contractual, statutory and regulatory approvals and is expected to close on April 1, 2013. As of July 30, 2013, the shareholders of Marico approved the transaction. The High Court of Judicature at Bombay approved the transaction on September 27, 2013. As of October 17, 2013, Marico Ltd has informed BSE that the Order of the Hon'ble High Court has been filed with the Registrar of Companies, Mumbai. As on October 18, 2013, the record date of the transaction has been set as November 5, 2013. As of August 8, 2014, Marico Kaya has granted an in-principle approval for scheme of arrangement involving amalgamation of Marico Kaya with Kaya Limited.