Hindustan Unilever may lay off 10% to 15% of workforce

Consumer goods firm Hindustan Unilever plans to cut jobs as part of its parent Unilever's efforts to reduce costs globally.

The firm may show the door to 10-15 percent of its workforce, including layoffs and reduction in new hiring, senior executives in knowledge of the development told The Economic Times.

HUL employs 18,000 across factories and offices in the country, according to its 2015-16 annual report.

Unilever, the maker of Dove soap and Ben and Jerry's ice cream, said on Thursday it was accelerating its cost-savings plan, targeting a 20 percent underlying operating margin, before restructuring, by 2020.

Unilever would exit its shrinking spreads business, raise its dividend and review its dual-headed legal structure, eyeing near-term growth on its own, following its swift rejection in February of a takeover proposal by rival Kraft Heinz for 115 billion pounds.

"Unilever is conducting a comprehensive review of options available to accelerate delivery of value for the benefit of their shareholders," an HUL spokesperson said.

"The results of the review are expected later this month."

The spokesperson said HUL doesn't comment on market speculation. A CEO of a multinational consumer goods company said, "We have already started getting job applications from HUL."

Even as the Indian subsidiary is in a growth market and better placed than other units, Unilever's business review will affect operations worldwide sharply.