Kwality Wall's
NCLT asks HUL to convene shareholders' meeting to demerge ice-cream business
This story was originally published at 18:54 IST on 11 June 2025
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NEW DELHI – The Mumbai bench of the National Company Law Tribunal Wednesday asked Hindustan Unilever Ltd. to convene a meeting of its shareholders Aug. 12 to approve the demerger of its ice-cream business. The demerged business is to be called Kwality Wall's (India) Ltd.
Ferdino Rebello, former chief justice of the Allahabad High Court, will chair the meeting of the equity shareholders of Hindustan Unilever, the tribunal said. The scrutiniser for the meeting will be Ashwini Ramakant Gupta, a company secretary.
In January, the board of directors of the parties had approved the demerger. While Hindustan Unilever is in the business of manufacturing, marketing, distributing, and selling fast-moving consumer goods, the main objective of Kwality Wall's is to manufacture, market, distribute, and sell ice cream, frozen desserts, both dairy and non-dairy, frozen snacks, frozen vegetables, and frozen processed foods.
Kwality Wall's will be listed on the stock exchanges and Hindustan Unilever shareholders will get one equity share in the company for each equity share held in the parent company. The ice-cream business operates in an attractive high-growth category and has built iconic brands such as "Kwality Wall's", "Cornetto", and "Magnum", and the demerger would create a leading listed ice-cream company in India, Hindustan Unilever said.
Wednesday, shares of Hindustan Unilever ended 0.8% lower at INR 2,376.40 on the National Stock Exchange. End
Reported by Surya Tripathi
Edited by Rajeev Pai
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