Board has in-principally approved to separate the Ice Cream business into a separate listed entity.
- Ice Cream business includes brands such as “Kwality Wall’s”, “Cornetto” and “Magnum”
- Decision is not final and is subject to the further evaluation and steps required as per the law. Final proposal for approval will be put in front of the Board in early 2025.
- Current in-principle approval is consequent to the recommendation of the Independent Committee formed in September 2024 for the purpose.
- Based on the recommendation of the Independent Committee, the Board had announced the separation of the business in October 2024 – to sell or list was not decided.
- In October, HUL said it has gone for a valuation of the ice cream business, which contributes around 3 per cent of the topline and mid to high single digit profitability.
- Decision to demerge is targeted towards value unlocking, separate focus and giving a choice to the shareholders.