HUL to form a new subsidiary

FMCG major Hindustan Unilever Ltd (HUL) on Monday said it will set up a new step-down subsidiary with an authorised share capital of Rs 2,000 crore.

The company's board has approved a proposal to set up the subsidiary, it said in a statement.

"This company will be incorporated with an authorised share capital of Rs 2,000 crore," HUL said.

"This new subsidiary has been formed to leverage the growth opportunities in a fast-changing business environment and will help HUL in becoming more agile and customer-focused," it added.

In 2018-19, HUL reported a revenue of Rs 38,224 crore.

Shares of HUL on Monday settled at Rs 2,216 apiece, down 1.42 per cent, on the BSE.