There’s a running joke at Hindustan Unilever's Mumbai Headquarters. If a new hire is assigned to the ice cream division, it’s immediately clear that they aren’t in the company’s inner circle. But if you’re handed Surf Excel, Brooke Brond, or Glow & Lovely, it means you are in the big leagues.

Right now, that pecking order is clearer than ever. Just last month, the FMCG giant went ahead and decided to demerge its ice cream business. The decision has already received in principal approval from the company’s board. Assuming that it clears all the other approvals and procedures, it would mean that refrigerator staples like Magnum, Cornetto and Kwality Walls will all come under a separately listed entity.

This at a time when the ice cream space has been heating up…not literally of course. New age players like Hocco, NIC and Noto have all entered the market and collectively contributed to a sort of ice cream renaissance. So, shouldn’t HUL be focussing on growing its ice cream business rather than isolating it?

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