Brands
KWIL to list on 16 Feb after HUL ice cream demerger
Rs 1800 to 2000 crore business spun off at Rs 10000 to 12000 crore value.
MUMBAI: Hindustan Unilever Ltd has decided it is time to serve its ice cream separately. On February 16, Kwality Walls India Ltd will make its stock market debut, marking the formal listing of HUL’s demerged ice cream business as an independent entity. The move completes a strategic separation that began when HUL turned ex ice cream on December 5 as part of its approved scheme of arrangement.
Under the demerger structure, shareholders received one equity share of KWIL for every one share held in HUL, ensuring proportional ownership in the carved out company. The exercise effectively unlocked the ice cream vertical from HUL’s broader home and personal care portfolio, where it contributed roughly 3 per cent of total revenue.
In absolute terms, the Kwality Walls business was estimated at around Rs 1800 to 2000 crore in annual revenue. However, unlike HUL’s higher margin core categories, the ice cream division operated at low single digit margins, reflecting the capital intensive, cold chain dependent and seasonally volatile nature of the segment in India.
The separation is widely viewed as a strategic realignment. Ice cream runs on a different supply chain logic, distinct distribution demands and sharper seasonal swings compared to soaps, detergents and personal care products. As a standalone entity, KWIL is expected to pursue sharper category specific growth and margin management strategies without being structurally tied to the broader FMCG playbook.
Financially, the demerger triggered a visible stock adjustment. On the ex date, HUL’s share price was marked down by Rs 44 to reflect the value of the spun off business. Market assessments at the time pegged the ice cream arm’s valuation in the range of Rs 10000 to 12000 crore.
The February 16 listing will now test that estimate in real time, as investors assign a market discovered value to KWIL as a pure play ice cream company. For HUL, it marks a cleaner portfolio. For KWIL, it is the first day as a standalone brand on Dalal Street.
Either way, the freezer has been opened and the market is about to take a taste.
Brands
Maharashtra panel orders Lodha to refund Rs 5 crore to homebuyers
Consumer court flags unfair practices in long-running property dispute case
MUMBAI: In a sharp rebuke to one of India’s biggest real estate players, the Maharashtra State Consumer Disputes Redressal Commission has directed Macrotech Developers to refund nearly Rs 5 crore to a senior citizen couple, Uttam and Anindita Chatterjee. The ruling, delivered on March 13, 2026, calls out the developer for “deficiency in service” and “unfair trade practices”, bringing closure to a dispute that has stretched over a decade.
The case traces back to 2015, when the couple booked a 3-BHK flat at World Towers in Lower Parel for Rs 12.22 crore, with possession promised within a year. What followed was a series of changes that complicated matters. After deciding to exit the project, they were persuaded to shift to a 4-BHK in another development priced at Rs 8 crore, with delivery scheduled for 2018. However, within months, the price was allegedly increased to Rs 10 crore. After demonetisation reshaped the market, similar flats were reportedly being offered at lower prices, but the couple were not given the benefit.
Despite paying over Rs 2.83 crore, the couple neither received possession nor clarity. Instead, in 2018, the developer unilaterally cancelled the booking, retained part of the amount as earnest money, and argued that the buyers were investors rather than consumers. The commission rejected this claim, observing that casual references to “investment” do not take away consumer rights when the purchase intent is residential.
The bench also held that the developer could not penalise buyers for payment delays while failing to meet its own delivery commitments. It noted the lack of formal documentation for revised terms and termed the prolonged retention of funds without delivering a home as exploitative.
As part of its order, the commission directed the developer to refund Rs 2.83 crore paid by the couple, along with interest at 10 per cent per annum, amounting to around Rs 2.12 crore. In addition, Rs 1 lakh has been awarded for mental agony and Rs 50,000 towards litigation costs, taking the total payout to over Rs 5 crore. The developer has been asked to comply within two months.
For now, the ruling serves as a reminder that in real estate, shifting terms and delayed promises can carry a significant cost.
