HUL sets Dec 5 record date for Kwality Wall’s demerger; brand to be India’s first listed MNC ice-cream biz

FMCG major Hindustan Unilever Ltd (HUL) has set December 5, 2025, as the record date for the demerger of its ice-cream business into a new entity, Kwality Wall’s (India) Limited (KWIL). The move marks a major milestone in the creation of what will be India’s first listed multinational ice-cream company, as KWIL prepares for its standalone market debut.

The demerger scheme will come into effect on December 1, 2025, as the company has already received National Company Law Tribunal approval on October 30, 2025, HUL said in an exchange filing last evening.

As per the approved share entitlement ratio, eligible HUL shareholders will receive one equity share of KWIL for every share held in HUL.

In addition to approving the record date, HUL’s board also cleared the appointment of Ritesh Tiwari as a non-executive additional director, effective November 17, 2025.

Reacting to the news, HUL’s share price surged as much as 1.76% to ₹2,446 on the BSE, while its market capitalisation climbed to ₹5.73 lakh crore.

KWIL to become first MNC ice-cream brand to list in India

KWIL is expected to become a pure-play, publicly listed ice-cream company by the end of FY26. Post demerger, Magnum Ice Cream Company will acquire 61.9% of the issued and paid-up capital of Kwality Wall’s owned by the Unilever group, the new global standalone entity being carved out by Unilever as part of its worldwide restructuring exercise.

While homegrown Vadilal Industries has been listed on the BSE since 1990 and on the NSE since June 2011, Kwality Wall’s will be the first multinational ice-cream brand to list directly in India under the ownership of a global ice-cream powerhouse.

In January 2025, HUL unveiled the demerger plan, which was part of a broader global strategy from Unilever to separate its ice-cream business into a standalone company called The Magnum Ice Cream Company. The company subsequently received regulatory clearances from the BSE and NSE in May.

Kwality Wall’s — home to popular brands such as Cornetto, Magnum, Feast and Creamy Delight — contributed around ₹1,800 crore to HUL’s annual revenue in FY25, accounting for nearly 3% of the company’s turnover.

According to the company, the demerger of the ice-cream business will create a listed ice-cream company in India with a focused management team and greater flexibility to deploy strategies suited to its distinctive business model and market dynamics, thereby realising its full potential. Further, the business will continue to benefit from the portfolio, brand, and innovation expertise of the world’s largest ice-cream company, enabling it to keep winning in the marketplace.

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