Kwality Wall’s (India) Limited has listed its equity shares on the BSE Limited and the National Stock Exchange of India Limited following the demerger of the ice cream business from Hindustan Unilever Limited (HUL).
The demerger, approved by the Hon’ble National Company Law Tribunal (NCLT), Mumbai Bench, became effective on December 1, 2025. Under the approved scheme, shareholders of HUL as on the record date of December 5, 2025, received one equity share of Kwality Wall’s (India) Limited for every one equity share held in HUL.
Following the completion of the demerger and listing, Kwality Wall’s (India) Limited will operate as an independent publicly listed company in India’s ice cream and frozen dessert market. The company has been operating for 70 years and includes brands such as Cornetto, Magnum and Twister in its portfolio. It has a presence in more than 400 cities, reaches over 200,000 outlets and operates more than 15,000 push carts.
On the listing of KWIL, Company Spokesperson, said: This listing marks a defining moment for Kwality Wall’s (India) Limited. As a standalone, publicly listed company, we will be able to have a sharper focus, bolder & faster innovation approach and more focus on the front line. We build the Kwality Walls ice cream business by providing access to driving and building desirable social first brands, and create value for our customers, partners, and shareholders. With access to a strong portfolio of brands which are well recognized and combined with deep local market understanding, the Company is well positioned to strengthen the business by scaling the category and drive sustainable, long-term growth.”
Separately, Unilever had earlier stated that a share purchase agreement was signed in June 2025 between the Unilever Shareholders and The Magnum Ice Cream Company HoldCo 1 Netherlands B.V. (TMICC) for TMICC to acquire all shares in Kwality Wall’s (India) Limited held by the Unilever Shareholders, representing a controlling interest in KWIL. The acquisition is expected to be completed after the company’s listing on the Indian stock exchanges, subject to the terms of the agreement and applicable regulations.
