Hindustan Unilever's Ice Cream Business to be Demerged to Kwality Wall's India Limited

Hindustan Unilever Ltd. has announced a material update in connection with the Scheme of Arrangement. Kwality Wall's (India) Limited (KWIL) will receive the ice cream business of Hindustan Unilever Limited, following the sanctioned scheme of arrangement by the NCLT, Mumbai bench. KWIL is proposing to list its equity shares with BSE Limited and National Stock Exchange Limited, subject to receipt of requisite approvals, market conditions, and other considerations. The ice cream market in India is growing in double digits, supported by strong category tailwinds and a sizable snacking market. KWIL has a robust margin improvement roadmap and a professional leadership team, enabling reinvestment in growth.