This move is a part of Godrej's strategy to focus on home and personal care products in the emerging markets of Asia, Latin America and Africa.
PT Simba produces cereals, snacks and instant food products primarily under the Turbo and Simba brands, and has reported annual sales of approximately $22m in 2012.
As a part of the deal, which is expected to be completed within two months, Godrej will distribute PT Simba's brands over a two-year period.
Godrej Consumer Products chairman Adi Godrej said that the divestiture of this business will improve the margin profile of the company's Indonesian business and help the team to take the household and personal care platforms to their full potential.
"The consideration from this divestiture will further strengthen our balance sheet," Godrej said.
Creador founder and CEO Brahmal Vasudevan said that the acquisition indicates the company's commitment to making growth investments in Indonesia, and reflects its strong capabilities in Indonesia and India.
"PT Simba has a number of leading Indonesian brands in cereal and snacks business with excellent growth prospects," Vasudevan said.
HSBC acted as an exclusive advisor to Godrej on the deal.
PT Simba was purchased by Godrej as a part of its $270m transaction to acquire the Megasari Group in 2010 for $270m.
The acquisition of Megasari gave Godrej control over consumer brands in products such as insecticides, wet tissues, air fresheners, food wrappings, drain openers, bleach, metal polishers and rat glue in Indonesia, in addition to a distribution network.
Creador is a private-equity firm focused on long-term investments in companies in Indonesia, India and Malaysia.
Godrej Consumer Products is a subsidiary of Godrej - an Indian conglomerate that operates in diverse sectors such as real estate, consumer products, industrial engineering, appliances, furniture, security and agricultural products, among others.
