Chandigarh NCLT approves Hindustan Unilever, GSK Consumer Healthcare merger

FMCG major Hindustan Unilever Ltd (HUL) on Wednesday said the Chandigarh bench of National Company Law Tribunal (NCLT) has approved the scheme of amalgamation for the merger of the company and GlaxoSmithKline Consumer Healthcare (GSKCH).

On November 6, 2019, the Mumbai Bench of the NCLT had sanctioned the scheme and the order was subject to sanction of the Chandigarh Bench of NCLT.

"In this regard, we wish to inform you that the scheme has now received the sanction of the Chandigarh NCLT," HUL said in a regulatory filing.

The effective date of the scheme will be communicated upon being finalised in accordance with the procedure specified by the Mumbai NCLT and Chandigarh NCLT, it added.

On December 3, 2018, Anglo-Dutch FMCG giant Unilever had announced the acquisition of health food portfolio, including popular brands Horlicks and Boost, from GlaxoSmithKline in India and over 20 other markets for 3.1 billion pounds (about 27,750 crore).

Under the deal, Unilever's Indian arm, HUL is acquiring GSKCH India via an all-equity merger, valuing the total business of the latter at Rs 31,700 crore.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel