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HUL scoops up shareholder support to spin off Kwality Wall’s and Magnum into new ice-cream company
Hindustan Unilever has won near-unanimous shareholder approval to spin off its ice cream business, paving the way for a separate listing in line with Unilever’s global exit from the segment.
Hindustan Unilever Ltd., one of the largest consumer goods companies, has secured shareholder approval to spin off its ice cream division - home to brands like Kwality Wall’s, Cornetto and Magnum, into a separately listed entity. The move brings the company a step closer to its plan to formally separate the business, mirroring a broader global restructuring by its parent, Unilever, which has opted to exit its ice cream operations worldwide.
According to a scrutiniser’s report shared by the company, the resolution received overwhelming backing, with 99.99 percent of votes cast in favor. The approval was given over the “Scheme of Arrangement between Hindustan Unilever Limited, Kwality Wall’s (India) Ltd and their respective shareholders,” the company said.
“The Resolution for approval of the Scheme of Arrangement amongst HUL, Kwality Wall’s (India) Ltd and their respective shareholders, as set out in the Notice dated 7th July 2025, has been passed by the Members by requisite majority, pursuant to Section 230(6) of the Companies Act, 2013, through remote e-voting and e-voting at the Meeting,” the company said.
The vote was conducted virtually through a remote e-voting facility on Tuesday, in line with directions from the National Company Law Tribunal.
Last month, the company’s chief financial officer said he expects the demerger to be completed within the current fiscal year, with the new ice cream company to be listed on domestic exchanges soon after. Under the arrangement, all existing shareholders of Hindustan Unilever will receive shares in the new company on a one-for-one basis, matching their current holdings in the FMCG major.
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