Kwality Wall’s (India) Ltd (KWIL), an cream and frozen desserts company in India, on Sunday night announced the constitution of its board of directors, ahead of its demerger from Hindustan Unilever (HUL) on December 1.
Strategic growth pillars
The company also said that it would accelerate growth through strategic pivots, a strong snacking portfolio straddling across the price piano, global brand access, and innovative formats & technology. It also said that it already has three of its global brands including Cornetto, KwalityWall’s and Magnum in the country and has access to introduce three more global brands which include Ben & Jerry’s, Viennetta and Yasso.
Guiding the independent entity
As far as the board goes, a total of seven appointments have been made, including one non-executive director, two executive directors, and four independent directors.
Chitrank Goel has been appointed as the deputy managing director and executive director; Prashant Premrajka has been appointed as chief financial officer. Both Goel and Premrajka have over two decades of experience in the consumer goods industry.
Its independent directors include Ravi Pisharody, Madhavan Hariharan, JV Raman, and Shukla Wassan. It has also appointed Ritesh Tiwari as non-executive director. He currently holds the position of global head of M&A, treasury, and ventures at Unilever PLC.
“The newly formed board brings together seasoned corporate leaders with extensive experience across consumer goods, finance, governance, regulatory affairs, risk management, and strategic mergers & acquisitions. These members will be responsible for guiding KWIL as it embarks on its journey as an independent listed entity,” HUL said in a stock exchange filing.
It added that KWIL is one of India’s most loved ice cream brands with a strong heritage and expansive distribution footprint; it is poised to accelerate growth, operating independently with a dedicated leadership.
India’s ice cream market is a $2.6 billion market, forecast to grow at 11 per cent and projected to become a $4.4 billion category by 2030.
“We have a robust margin improvement roadmap that enables us to re-invest in growth,” the presentation said.
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