Mumbai (Maharashtra) [India], Feb 24 : The board of directors at FMCG major Hindustan Unilever Ltd (HUL) on Monday approved a proposal to form a new 100 per cent subsidiary.
The company will be incorporated with an authorised share capital of Rs 2,000 crore.
"This new subsidiary has been formed to leverage the growth opportunities in a fast-changing business environment and will help HUL in becoming more agile and customer-focused," said the company in a brief statement without giving further details.
HUL is India's largest fast-moving consumer goods (FMCG) company with its products touching the lives of nine out of ten households in the country.
It reported nearly 12 per cent jump in its net profit of Rs 1,616 crore in the third quarter of current fiscal (Q3 FY20) compared to Rs 1,444 crore in the year-ago period.
The company's revenue in the quarter was up by 2.6 per cent at Rs 9,808 crore versus Rs 9,558 crore.
( With inputs from ANI )