The Netherlands-based arm of Magnum Ice Cream Company has completed the acquisition of a controlling stake in Kwality Wall’s (India), after the exit of Unilever and its group entities from the promoter category.
According to the exchange filing, the transaction was executed under a share purchase agreement signed in June 2025, which involved the transfer of 145.44 crore equity shares, representing a 61.90% stake in the company, to Magnum Ice Cream Company HoldCo 1 Netherlands B.V. The deal was consummated on March 30, 2026, according to regulatory filings.
Change in control, promoter reclassification
Following the stake transfer, the Magnum Ice Cream entity has acquired control of Kwality Wall’s India and has been classified as the new promoter under Sebi’s listing regulations.
Furthermore, the filing said that Unilever and its group companies, including Unilever Group, Unilever Overseas Holdings AG, and others, have been reclassified from the promoter category to public shareholders. The outgoing promoters no longer hold any equity in the company and have relinquished all control rights, the filing mentioned.
The reclassification takes effect from March 30, coinciding with the completion of the share transfer and change in control.
Board-level changes follow transaction
Ritesh Tiwari stepped down as a non-executive director, citing the change in control. Meanwhile, the board approved the appointment of Abhijit Bhattacharya, chief financial officer at the Magnum Ice Cream Company, as chairperson, and Tahir Toloy Tanridagli as an additional non-executive director. Both appointments are subject to shareholder approval.
“This transaction strengthens TMICC’s presence in one of the world’s fastest-growing, under-penetrated ice cream markets. It combines TMICC’s global brand strength, and innovation capabilities, with KWIL’s strong local heritage, manufacturing footprint, and extensive distribution network across India. With TMICC’s global expertise and the strong local management team in India, we are confident of accelerating category growth and building a future-ready business that continues to create value for consumers and shareholders.” Bhattacharya said.