By Michael Susin
Hindustan Unilever, the Indian arm of Unilever, said it would follow its parent company and spin off its ice-cream business.
The subsidiary of the consumer-goods giant behind brands such as Dove soap and Knorr stock cubes on late Monday said the board had proposed shareholders receive shares in the new entity in proportion to their shareholding in Hindustan Unilever.
The division--which owns brands such as Kwality Wall's, Cornetto and Magnum--has mid-to-high single-digit percentage profitability and would become the leading listed ice-cream company in India, Hindustan Unilever said.
The decision to demerge is subject to shareholders' approval and follows the same step taken by its parent company in March. Last week, Unilever said it expected to complete the ice-cream spinoff by the end of 2025.
The parent company also said last week that India would become its priority market given the country's fast-growing economy.
Write to Michael Susin at michael.susin@wsj.com
(END) Dow Jones Newswires
November 26, 2024 04:46 ET (09:46 GMT)
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