Havmor to sell ice-cream business to Lotte for Rs 1,020 cr

By: | Published: November 24, 2017 4:14 AM

Gujarat’s ice-cream industry is witnessing a meltdown like never before, with internecine squabbles and sellouts taking their toll on regional players.

Havmor, Gujarat ice-cream industry, Lotte Confectionery, Indian market, South Korean food , ice-cream brands, Havmor Ice Cream According to a company spokesperson, after the acquisition of Havmor, Lotte will start its ice-cream business in the Indian market. (Website)

Gujarat’s ice-cream industry is witnessing a meltdown like never before, with internecine squabbles and sellouts taking their toll on regional players. In a surprise development, promoters of Havmor Ice Cream (HIL), among the fastest growing ice-cream brands of the state, have agreed to a 100% acquisition by South Korean food and beverage giant Lotte Confectionery in a Rs 1,020-crore deal. According to a company spokesperson, after the acquisition of Havmor, Lotte will start its ice-cream business in the Indian market. The company held the meeting of its board on Thursday. Lotte has decided to acquire 100% of shares of HIL and the purchase price is Rs 1,020 crore. The share purchase agreement has been executed.  HIL has been India’s fastest-growing ice-cream brand over the last five years and has been one of the most sought after ice-cream brands by multinationals and PE investors alike. Havmor boasts of a unique product portfolio with a significant parlor network operating across 14 states in India. The company manufactures 150 kinds of products from two plants and sells through around 30,000 dealers.

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