Lever Ltd has obtained approval from the government to change the company name to Hindustan Unilever Ltd (HUL), the company said in a statement on Monday.
According to the release, the government has approved the company's new corporate identity represented by a new logo and the new name, Hindustan Unilever Ltd. The shareholders of the company had earlier approved the proposal for change of name at the company's 74th annual general meeting on May 18, 2007.
The new logo is symbolic of the company's mission of 'Adding Vitality to Life'. The HUL website explains the concept as an effort to meet everyday needs for nutrition, hygiene and personal care with brands that help people look good, feel good and get more out of life. All the 25 different icons representing the organisation, its brands and the idea of vitality are represented in the logo.
HUL believes that the new name provides a balance between maintaining the heritage of the company and the synergies of global alignment with the corporate name of Unilever. The new name retains Hindustan as the first word to reflect the company's continued commitment to the local economy, consumers, partners and employees.
Says Doug Baillie, CEO, HUL, "Our mission is full of promise for the future, opening up exciting opportunities where we have competitive advantage for developing our business and our new identity will help us confidently position ourselves in every aspect of our business."
The official brand change didn't have a positive effect on HUL's stock price in a flat market. The company's stock ended in the red on the National Stock Exchange, dipping 1.64 per cent to Rs 189.20 on Monday.