FMCG major HUL on Friday said it has incorporated a new subsidiary Kwality Wall's for the proposed demerger of the ice cream business of the company. Kwality Wall's (India) Ltd (KWIL) has been incorporated "for the purpose of the proposed demerger of the company's ice cream business, which is currently under evaluation by the Board of the company," the FMCG major said in a regulatory filing. HUL will own 100 per cent of the issued and subscribed share capital of KWIL. Earlier on November 25, 2024, HUL approved the demerger of the ice cream business, which owns brands like Kwality Wall's, Cornetto and Magnum into an independent listed entity. The existing shareholders of the FMCG major will receive shares in the new entity in proportion to their shareholding in HUL, it had said. The board of HUL decided to de-merge the ice cream business, based on the recommendation of the Independent Committee, which was formed by the FMCG major earlier in September 2024. The Independent Committe