Following the agreement Hindustan Unilever (HUL) announced it will be responsible for the manufacturing, marketing and distribution of the hair care brand.
The Brylcreem brand has a long-lasting history in India and is the leading male hair styling brand in the country.
HUL plans to integrate this business with its existing personal care portfolio and further grow the Brylcreem franchise.
The Anglo-Dutch firm owns the Brylcreem brand through its acquisition of the Sara Lee business, and this latest move will also see Unilever cease its collaboration with Indian company Godrej Consumer Products (GCP) in India.
Unilever and GCP have mutually agreed to bring to an end the licensing arrangement that exists between them for GCP to manufacture, market and distribute the Brand in India.
This means that as of March 31, 2012, Unilever will go it alone.
Hindustan Unilever is India's largest Fast Moving Consumer Goods company with an expansive customer network in India.
Expansion the way forward?
This latest move is all in line with Unilever's ambitious plans to increase its footprint in the cosmetic and personal care market, following a number of significant brand extensions to broaden its portfolio.
The extensions include expansion of the Axe deodorant range into hair care, a new limited edition Lynx fragrance for women and the announcement of the company's first ever natural certified product, Timotei Organic Delight.
The consumer goods company also looks to an expansion into the Russian cosmetics market following the complete acquisition of major national player Concern Kalina.