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11 August, 2020 09:45 IST
Hindustan Unilever approves formation of new subsidiary
Source: IRIS | 25 Feb, 2020, 09.27PM
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Hindustan Unilever, one of the leading FMCG firms, on Monday approved a proposal to form a new 100 per cent subsidiary, which will be incorporated with an authorised share capital of Rs 20 billion.
The company, in a regulatory filing, said that the new subsidiary has been formed to leverage the growth opportunities in a fast-changing business environment and will help HUL in becoming more agile and customer-focused.

''The Board of Directors of Hindustan Unilever Limited (Q,N,C,F)* (HUL) today approved a proposal to form a new 100 per cent Subsidiary of Hindustan Unilever. This company will be incorporated with an authorised share capital of Rs 20 billion,'' the company said in the filing.

The FMCG major had reported a revenue of Rs 382.24 billion in 2018-19. It reported a 12 per cent y-o-y growth in the December quarter profit at Rs 16.16 billion. 

Shares of the company gained Rs 16.4, or 0.74%, to settle at Rs 2,232.40. The total volume of shares traded was 68,447 at the BSE (Tuesday).

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