Promoters of Havmor Ice Cream Ltd. (HIL) have agreed to a 100% acquisition by LOTTE Confectionery
After the acquisition of Havmor, India’s fastest growing ice cream brand, LOTTE Confectionery will start its ice cream business in the Indian market that boasts a population of approximately 1.3 billion customers.
LOTTE Confectionery has decided to acquire 100% of shares of HIL, one of the biggest ice cream brands in India, during its Board of Directors meeting held on the 23rd of November. The transaction is to acquire 100% share purchase, and the purchase price is INR 1020 crores. The Share Purchase Agreement has been executed in the afternoon of 23rd November.
Havmor was founded in 1944 and is headquartered in Ahmedabad, Gujarat; The company manufactures 150 kinds of products from two plants and sells from around 30,000 dealers.
Speaking on the developments Pradeep Chona, Chairman & Ankit Chona, Managing Director said “This decision was a very difficult one to make. It’s a brand that we have nurtured with our team for over 73 years. But we believe that LOTTE Confectionery is the right brand to take the company to the next level.”
Havmor will continue to operate its signature chain of restaurants and eateries across Gujarat as well as it’s signature brand and concept café – Huber & Holly.
