New Delhi, Oct. 31 -- Hindustan Unilever Ltd (HUL) announced that it has received approval from the National Company Law Tribunal (NCLT) for the demerger of its ice-cream business into Kwality Wall's (India) Ltd.

In a regulatory filing on October 30, HUL said that the Mumbai bench of NCLT granted its approval under sections 230 to 232 and other applicable provisions, to the Scheme of Arrangement for demerger of the Ice Cream Business Undertaking, between the Company and Kwality Wall's (India) Limited and their respective shareholders.

HUL's demerger move comes under its parent company Unilever's Growth Action Plan (GAP) to separate its ice-cream business.

Under the arrangement, HUL will transfer all of its ice cream brands such as Kwal...