APRIL 20249TOP STORIESUNILEVER SPLITS ITS ICE CREAM DIVISION AS PART OF COST CUTTING OPERATIONSUnder the leadership of CEO Hein Schumacher, Unilever is embarking on a significant restructuring effort aimed at accelerating growth. As part of this initiative, the company announced job reductions, integral to its Growth Action Plan, to achieve 800 million in cost savings over the next three years.One of the key decisions made by the Unilever Board is to streamline the company's portfolio by focusing on unmissably superior brands in highly attractive categories with complementary operating models. In line with this strategy, the Board has decided to separate its Ice Cream business to optimize future growth opportunities for both the Ice Cream division and Unilever as a whole.The company stated that various options will be explored for the separation, with a demerger leading to creating a new publicly listed company being the most likely choice. Unilever's CEO indicated they are "open to options" regarding where the ice cream unit will be listed.Unilever's Ice Cream business, which includes renowned brands such as Magnum and Ben & Jerry's, generated sales of 7.9 billion ($8.6 billion) in 2023. After separating the Ice Cream business and implementing its productivity program, Unilever anticipates achieving a "structurally higher" margin. Post-separation, the company forecasts mid-single-digit underlying sales growth and modest margin improvement.The separation of the Ice Cream business is expected to enable Unilever's management to accelerate the implementation of its Growth Action Plan, which focuses on doing fewer things but better, driving consistent and stronger topline growth, enhancing productivity and simplicity, and fostering a performance-driven culture. NTPC ISSUES TENDER FOR SUPPLYING POWER TO HYBRID PROJECTSNTPC, India's largest power utility, has issued a tender inviting bids for power supply from 1 GW of wind-solar hybrid power projects across India. These projects will be developed on a build-own-operate (BOO) basis and connected to the Interstate Transmission System (ISTS) grid. The last date for bid submission is April 16, 2024, with bids to be opened on the same day. Successful bidders will be selected through an online reverse auction conducted by NTPC at a later stage.Combining renewable sources like wind and solar, hybrid projects offer improved grid stability, particularly when sunlight or wind availability fluctuates. This tender marks the sixth tranche of NTPC's initiative to procure hybrid renewable power through international competitive bidding.Bidders are required to furnish an earnest money deposit of 1.16 million ($14,000) per MW and can purchase the Request for Selection (RfS) document for 22,500 ($271). The RfS document can be downloaded from NTPC's e-tender portal between March 21 and April 3, 2024. Bidder evaluation will be based on their technical and financial capabilities, as specified in the RfS document.Furthermore, bidders from countries sharing a land border with India must be registered with the competent authority to participate. However, this registration requirement is waived for countries with which India has extended lines of credit or is engaged in development projects.In addition to this tender, NTPC Renewable Energy, a subsidiary of NTPC, has recently invited bids for a 150 MW grid-connected solar photovoltaic power project in Bhadla, Rajasthan. NTPC has also called for bids to retrofit a solar inverter for its 5 MW solar photovoltaic power project at the Dadri thermal power plant in Uttar Pradesh. These initiatives underscore NTPC's commitment to expanding its renewable energy portfolio and contributing to India's clean energy transition.
< Page 8 | Page 10 >