Khaitan & Co Advised The Magnum Ice Cream Company Limited And Kwality Walls (India) Limited On Demerger Of HUL’s Ice Cream Business And Proposed Listing Of KWIL

Khaitan & Co advised The Magnum Ice Cream Company Limited and Kwality Walls (India) Limited on demerger of HUL’s ice cream business and proposed listing of KWIL

The leading Indian law firm, Khaitan & Co advised The Magnum Ice Cream Company Limited and Kwality Walls (India) Limited (KWIL) on the demerger of the ice cream business of Hindustan Unilever Limited (HUL) into KWIL, and subsequently on the preparation and filing of the Information Memorandum in connection with the proposed listing of KWIL on Indian stock exchanges.

This transaction enables direct market participation in the high-growth ice cream and frozen desserts segment and involves the transfer of all assets, liabilities, operations, intellectual property rights, and employees associated with HUL’s ice cream division into KWIL as a going concern. The firm also advised on related arrangements, including real estate, IP, technology, data privacy, employees, and ESOPs between HUL and KWIL.

Currently, 61.9% of the issued and paid-up share capital of KWIL is held by Unilever (“KWIL Shares”). Subsequently, The Magnum Ice Cream Company, which has executed a share purchase agreement with Unilever to acquire the KWIL Shares, will acquire the KWIL Shares.

The firm supported KWIL on all post-demerger corporate actions, including negotiation and drafting of key agreements such as transitional services agreements, IP licensing agreements, and contract manufacturing agreements, in addition to vetting and filing the Information Memorandum for the proposed listing, ensuring compliance with SEBI and stock exchange requirements.

The Khaitan & Co overall transaction team was led by Vineet Shingal (Partner), Saloni Mehta (Principal Associate), Prakhar Khandelwal (Associate), and Akshat Shukla (Associate).

The Khaitan & Co team advised on the demerger and allied aspects, as well as on capital markets and listing matters. The team included Mehul Shah (Partner), Rushabh Gala (Principal Associate), Hiren Kukreja (Associate), and Aditi Swapnil Rathi (Associate) on the demerger and allied aspects, while Vaibhav Mittal (Partner) led the capital markets and listing work.

The Khaitan & Co team advised on other aspects of the transactions, including Sharad Abhyankar (Partner), Dinesh Kumar Agrawal (Executive Director), Avnish Sharma (Partner), Deepak Kumar (Partner), Nishad Nadkarni (Partner), Nishant Arora (Partner), Rahul Jain (Partner), Shabnam Shaikh (Partner), Shailendra Bhandare (Partner), Sudipta Bhattacharjee (Partner), Supratim Chakraborty (Partner), Sourav Dan (Counsel), Arjyadeep Roy (Principal Associate), Bharat Jain (Principal Associate), Pranay Sahay (Principal Associate), Rupali Singh (Principal Associate), Anushka Venketram (Senior Associate), Khushboo Jhunjhunwala (Senior Associate), Murugaveni Pillai (Senior Associate), Ransher Singh (Senior Associate), Riya Manuja (Senior Associate), Saranya Mishra (Senior Associate), Shramana Dwibedi (Senior Associate), Anuraag Bukkapatnam (Associate), Avantika Tanwar (Associate), Jaanvi Chopra (Associate), Mythri Murali (Associate), and Vaishali Adhikari (Associate).

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