Hindustan Unilever Limited (HUL) was originally incorporated on 17 October 1933 in West Bengal as Lever Brothers India Limited, and in 1956, the company underwent a major structural change when Hindustan Vanaspati Manufacturing Company Limited and United Traders Limited were merged with Lever Brothers India Limited, after which its name was changed to Hindustan Lever Limited. In 1972, a significant part of Lipton’s business in India was acquired, followed by the purchase of Brooke Bond India Limited in 1984 and Pond’s India Limited in 1986, which strengthened the company’s presence in beverages and personal care. Between 1993 and 1996, HUL executed a series of large-scale mergers including TOMCO in 1993, the acquisition of the Lakme brands in 1997–98, and the buyout of Kissan and Dollops ice-cream businesses in 1993; later in 1995, Brooke Bond India Limited was merged with Lipton India Limited to form Brooke Bond Lipton India Limited (BBLIL), and eventually in 1996, BBLIL itself was merged with HLL. In 2000, the Government of India divested its stake in Modern Foods to HLL, making it the first major PSU disinvestment to a private company. During the early 2000s, HUL expanded its portfolio by launching Pureit water purifiers in 2002, Ayush personal care products, and subsequently acquired the marine products export business of Hindustan Lever Chemicals Ltd in 2003. In 2005–06, HLL set up Unilever India Exports Ltd and acquired an additional 50% stake in Capexil Agencies Pvt. Ltd., and in 2007, the company formally changed its name from Hindustan Lever Limited to Hindustan Unilever Limited. In the following years, HUL entered multiple strategic collaborations including the 2008 partnership with the Indian Dental Association for Pepsodent to promote oral health awareness, and by 2010, it merged with BON Limited. Over time, the company continued restructuring and divesting non-core businesses, such as selling its seed business to Advanta India in 2006, Modern Foods bread business in 2015, and withdrawing from its joint venture with Kimberly-Clark (makers of Huggies) in 2017.
Between 2015 and 2017, HUL sharpened its focus on high-growth categories by acquiring the Indulekha hair oil brand from Mosons Group in 2015 and divesting its rice business to LT Foods in 2016. One of the largest and most transformational events in India’s FMCG sector occurred in 2018–2020, when HUL completed the all-equity merger with GSK Consumer Healthcare, valued at approximately ₹31,700 crore, resulting in iconic brands such as Horlicks, Boost, Viva, and Maltova becoming a part of HUL’s Foods & Refreshments portfolio; shareholders of GSK CH received 4.39 HUL shares for every 1 GSK CH share under the merger scheme. During this period, HUL also strengthened its presence in personal hygiene by acquiring VWash, introduced Knorr Korean noodles, expanded its haircare portfolio with a new “South India Equity Story,” launched Simple’s new Active Skin Barrier range, and expanded Bru Gold coffee offerings with new flavoured variants.
Over the decades, HUL has also made numerous sustainability and community-focused interventions, including Unilever Sustainable Living Plan initiatives, large-scale Pureit drinking-water awareness programs, and partnerships in public health and hygiene. Today, after a long history of mergers, acquisitions, divestments, and new brand launches spread across more than nine decades, HUL stands as India’s largest and most diversified FMCG company, operating across Home Care, Beauty & Personal Care, Foods & Refreshments, and Ice-Creams, serving millions of households through an unmatched distribution network and one of the widest brand portfolios in the country.
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HUL Equity Report
