INSUBCONTINENT EXCLUSIVE:
The country's largest consumer goods company, Hindustan Unilever Ltd (HUL), on Monday approved a proposal to form a new 100 per cent
subsidiary, which will be incorporated with an authorised share capital of Rs 2,000 crore.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 (HUL) today approved a proposal to form a new 100 per
cent Subsidiary of Hindustan Unilever Limited
This company will be incorporated with an Authorised Share Capital of Rs 2,000 crore," the company said in the filing.The FMCG major had
reported a revenue of Rs 38,224 crore in 2018-19
It reported a 12 per cent year-on-year growth in the December quarter profit at Rs 1,616 crore."In the short term, demand outlook and market
growth continues to be challenging This quarter witnessed an overall challenging market environment mainly reflecting a sharp slowdown in
rural and discretionary spending," CMD Sanjiv Mehta said on the company's performance in the last quarter.HUL shares closed 1.42 per cent
lower at Rs 2,216 a share on the BSE.
