Hindustan Lever Ltd proposes to change its name to Hindustan
Unilever Ltd. The board of directors of the FMCG major
has approved the change of name to Hindustan Unilever
Ltd from Hindustan Lever Ltd.
HLL''s shareholders will consider the proposal at the
next annual general meeting due on May 18.
proposed name change would provide the optimum balance
between maintaining its heritage and the future benefits
and synergies of global alignment with the corporate
name of Unilever, the company said in the filing.
company would retain Hindustan to reflect its continued
commitment to local economy, consumers and customers
and employees, while the parent name Uniliver would
add synergy in the global context.
Manwani, chairman and president, Unilever Asia, said,
through a regulatory statement to the stock exchanges,
"The name change is a significant milestone. It
retains the company''s continued commitment towards local
roots while leveraging the global scale and reputation
of Unilever with its consumers and other stakeholders
board of directors at its meeting also discussed the
sale of the company''s marine products manufacturing
business to one or more subsidiaries on a going basis.
proposal for transfer of the undertaking of the company
engaged in the business of manufacture and sale of marine
products (including manufacturing facilities for (i)
surimi crabsticks, crabclaws, crab chunks and allied
products at Chorwad in Gujarat, (ii) fish fillet, crab,
octopus, squids and allied products at Kuthiathode in
Kerala and (iii) salad shrimps, fish fillets and allied
products at Aroor in Kerala) as a slump sale to a suitable
party / parties or to one or more of the subsidiaries
of the company (if that is required to facilitate the
transfer) by way of sale or assignment at such consideration
and with effect from such date as the board of directors
of the company may think fit, the statement added.
Lever has posted a higher pretax profit of Rs570 crore
for the fourth quarter ended December 2006, Rs511 crore
in the same period last year. The company attributes
the performance to the
double-digit growth in laundry and toothpaste products.
profit for the fourth quarter, however, decreased to
Rs511 crore after exceptional items, from Rs521 crore
in the year-ago quarter. Fourth quarter sales rose 6.1
per cent at Rs3156 crore, compared with Rs2974 crore
a year ago.