HUL receives board nod for ice-cream division's spinoff

Hindustan Unilever (HUL) said on Monday that its board has approved the carving out of its ice-cream business into an separate listed entity.

The business, which includes brands such as Cornetto and Kwality Walls, accounts for 3% of the company's revenue. 

In October, HUL said it would separate the business but had not decided on the mode at the time. 

HUL shareholders will receive shares in the new entity, the company said.

This follows its UK parent's decision in March to spin off its ice cream unit, which is home to the Magnum and Ben & Jerry's brands.