Hindustan Unilever (HUL) has received approval for scheme of amalgamation with GlaxoSmithKline Consumer Healthcare (GSKCH) and their respective shareholders and creditors. The Board of Directors of the company at their meeting held on December 03, 2018, approved the same.
GSKCH is the one of the key players in the Foods and Refreshment (F&R) category with iconic brands such as Horlicks and Boost and comprises a wide product portfolio. The proposed amalgamation of GSKCH business with the company is in line with the strategy to build a sustainable and profitable Foods and Refreshments (F&R) business in India. The parties expect significant synergies through supply chain opportunities and operational improvements, go-to-market and distribution network optimisation, scale efficiencies in cost areas such as marketing, and optimisation of overlapping infrastructure.
HUL is India’s largest Fast Moving Consumer Goods Company with a heritage of over 80 years in India and touches the lives of nine out of ten Indian households.