HUL Shareholders Approve Ice Cream Business Demerger

FMCG giant Hindustan Unilever Ltd (HUL) has achieved a significant milestone in reshaping its business strategy, as shareholders have approved the demerger of its ice cream segment. This division, which includes popular brands like Kwality Wall's, Cornetto, and Magnum, will now operate as an independent listed entity.

Following a directive from the National Company Law Tribunal, HUL organized a shareholder meeting where an overwhelming 99.99% of votes supported the proposal. The decision is part of a broader strategic shift mirroring parent company Unilever's move to separate its ice cream operations globally.

The demerger is expected to complete within the current fiscal year, with existing shareholders receiving shares in the new company on a 1:1 ratio. The move signifies not only the alignment with Unilever's global strategy but also the potential for increased focus and growth for the ice-cream division.

(With inputs from agencies.)