Firms have helped complete a complex transaction involving the demerger of Hindustan Unilever’s (HUL) ice-cream business into separate entity Kwality Wall’s (India) Limited (KWIL) and the sale of Unilever Group’s 61.9% stake in KWIL to The Magnum Ice Cream Company (TMICC) in a share-purchase agreement for an undisclosed amount.
TMICC, the world’s largest ice-cream company based in the Netherlands, announced on 30 March 2026 the completion of its 61.9% acquisition of KWIL’s equity shares under the terms of the share-purchase agreement with Unilever dated 25 June 2025. This agreement was part of HUL’s demerger of the ice-cream business, which was completed in December 2025, and paved the way for KWIL’s IPO on the BSE and NSE.
Joint managing partner Kunal Thakore, and partners Neville Golwalla and Gayatri Chadha led the TT&A transaction team, which advised the Unilever Group, with the support of associate Pranav Kandada. The TT&A competition team comprised partner Sonam Mathur, managing associate Shubhang Joshi, and associates Saikishan Rathore and Indrayani Bhadra.
KWIL, whose majority shareholder is now TMICC, manages a portfolio of leading ice-cream and frozen dessert brands in India, including popular brands such as Magnum, Cornetto and Feast.
HUL said the demerger was structured to allow it to sharpen the company’s focus on its core fast-moving consumer goods categories of home care, beauty, personal care and foods.
Khaitan & Co acted for TMICC, Cyril Amarchand Mangaldas advised HUL and Linklaters counselled Unilever PLC, parent company of the Unilever Group.
KWIL debuted on the NSE and BSE in February 2026.
