Global consumer goods giant Unilever has announced that Magnum HoldCo, the holding entity of its soon-to-be-separated global ice cream business, will acquire a 61.9% stake in Kwality Wall’s (India) Ltd (KWIL). This move follows the ongoing demerger of Unilever’s ice cream operations globally and in India.
The transaction is contingent upon the successful demerger of the ice cream business from Hindustan Unilever Ltd (HUL), the listing of KWIL shares on stock exchanges, and all necessary regulatory approvals.
Unilever had earlier revealed plans on March 19, 2024, to separate its global ice cream division into an independent entity—The Magnum Ice Cream Company. The demerger process is expected to conclude in the fourth quarter of 2025.
In India, HUL—Unilever’s subsidiary—announced on January 22, 2025, that it would spin off its ice cream business into a standalone company, Kwality Wall’s (India) Ltd. As per the demerger terms, HUL shareholders will receive one share of KWIL for every HUL share they own.
Following the completion of this demerger, the Unilever Group will collectively hold 61.9% of KWIL’s issued and paid-up share capital. Under a newly signed Share Purchase Agreement (SPA), Magnum HoldCo has agreed to acquire all KWIL shares allocated to the Unilever Group as part of this restructuring.
“The acquisition is conditional on the completion of the demerger, successful listing of KWIL, and obtaining all statutory and regulatory approvals,” Unilever said in a statement.
In line with Indian capital market regulations, Magnum HoldCo will also be required to make an open offer to KWIL’s public shareholders to acquire additional shares, as stipulated by the Securities and Exchange Board of India (SEBI) takeover norms.
This development marks a significant step in Unilever’s strategic overhaul, with the creation of a dedicated global ice cream entity aimed at accelerating category growth and operational independence across key markets, including India.