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.
Source: Business-Standard