HUL to seek shareholders' nod to demerge FMCG exports biz
PrintListen to this Article
Hindustan Unilever (HUL) today said it will seek shareholders' approval to transfer certain assets, liabilities and properties of FMCG exports business division of the company to Unilever India Exports. In a filing to the Bombay Stock Exchange (BSE), HUL said it has been directed by the Bombay High Court to hold a meeting of its shareholders on July 28, 2011 to consider the scheme of arrangement proposed to be made between HUL and Unilever India Exports.
"In order to fully exploit the opportunity in export market and to provide necessary focus, flexibility and speed to the business, the Board of Directors considered the above proposal and has, subject to the necessary approvals, decided to demerge FMCG exports business of the company into its wholly owned subsidiary," HUL had said in a filing to the BSE.
The company will continue to provide all necessary support to UIEL in order to grow the exports business, it had said.
HUL's scrip closed at Rs 333.20, down 0.85% from the previous close on the BSE.
Category : General | Comments : 0 | Hits : 303
India Features in World Bank’s Top Five Rankings for Private Investment in Infrastructure
Infrastructure remains a cornerstone of India’s long-term growth framework, with public capital expenditure maintaining a consistent upward momentum since FY15. A defining development in th...
India's FY26 GDP Growth Projected at 7.4%, Supported by Strong Consumption and Investment Momentum
India’s economy is projected to expand by 7.4 per cent in FY26, supported by the twin drivers of consumption and investment, reinforcing its position as the world’s fastest-growing major e...
Retirement fund body EPFO has said it will no longer use Aadhaar as a valid document for proof of date of birth. In an official circular on January 16, the Employees' Provident Fund Org...
Comments