Mumbai, Jan. 27: Amidst a major organisational restructuring, Hindustan Lever Ltd (HLL) has sold one of its money-spinning brand, Nihar.

Marico Ltd acquired the Rs 120-crore oil brand, Nihar, on Friday for an undisclosed amount. The coconut oil-based hair care brand of HLL has close to 74 per cent market share in rural India, mainly in the eastern states of Bihar and Jharkhand.

“Nihar will have a complementary effect on our other brands,” Marico chief financial officer Milind Sarwate told The Telegraph. “It will also help us spread our presence pan India,” he added.

Marico is looking at leveraging the HLL brand to enter the eastern region of the country. “Nihar has a stronger brand recall than Marico’s Parachute Jasmine,” Sarwate admitted.

HLL had initiated the divestment as part of its brand rationalisation exercise, the company said in a statement today.

Marico will market the brand through its own distribution system.