Cyril Amarchand Mangaldas (“CAM”) advised Hindustan Unilever Limited (HUL) as its sole legal advisor on the demerger of its Ice-Cream Business into Kwality Wall’s (India) Limited (KWIL), a wholly owned subsidiary of HUL, by way of a scheme of arrangement between HUL and KWIL and their respective shareholders (Scheme).
Following the announcement by HUL’s parent entity, Unilever PLC, of its intention to separate its ice cream business globally, the HUL board had undertaken a comprehensive review and had decided to separate the Ice Cream Business, and had on November 25, 2024 announced that the HUL’s Board had accorded its in-principle approval for demerger of Ice Cream business into an independent listed entity.
The board of HUL and KWIL has on 22nd January 2025 approved the Scheme for the demerger. The Scheme is subject to requisite approvals including from the stock exchanges, shareholders/ creditors, National Company Law Tribunal, Mumbai Bench. Upon the effectiveness of the Scheme, the shares of KWIL would be listed on the stock exchanges.
Cyril Shroff, Managing Partner provided strategic inputs on the transaction.
The transaction was led by Ramgovind Kuruppath, Partner; and Archit Bhatnagar, Partner; with assistance from Nayana Dasgupta, Principal Associate; Pooja Jasani, Associate; and Amar Singh, Associate.
The Competition team was led by Dhruv Rajain, Partner with support from Aaditya Sahgal, Senior Associate.
The Employment team was led by Bishen Jeswant, Partner; with support from Akash Mishra, PA – Designate; Rachita Shah, Associate; and Jerrin Mathew, Associate.
Other parties and advisors to the transaction included: Deloitte Touche Tohmatsu India LLP (Acted as financial/tax advisor to HUL); and Kotak Mahindra Capital Company Limited (Acted as merchant banker to HUL).
