India demergers hit 10-year peak: 29 deals worth $40B as HUL, Jubilant carve out consumer arms
Demerger activity surged in 2025 with 29 deals topping $40 billion, the highest in a decade. Retail-relevant splits include HUL hiving off Kwality Wall's ice cream and Jubilant separating its consumer business, as investors reward focused pure-plays over sprawling conglomerates.
What happened
Hindustan Unilever · India recorded 29 demergers worth over $40 billion in 2025, a 10-year high. Retail-relevant deals include HUL spinning off Kwality Wall's
Key facts
- 29 deals
- $40 billion
- 50 deals in 3 years
- $43 billion
- 75% of EM demergers in 2026
- $764 million in 2026
Why this matters
The demerger wave validates carve-out playbooks as a value-unlock lever and opens a pipeline of newly independent consumer assets that may become acquisition or partnership targets within 12–24 months post-listing.