Seoul, Korea-headquartered Lotte Confectionery has acquired Ahmedabad, India-based Havmor Ice Cream Limited for Rs 1,020 crore. The deal includes an assortment of over 160 products packed at two manufacturing plants, as well as a network of ice cream parlors and fast food restaurants across 14 states.
The company, founded in 1944, reportedly has a 4% share of the subcontinent’s Rs 6,000 ice cream market, which is growing a 10% clip annually. With capacity to churn out close to 200,000 liters of ice cream per day, Havmor products are distributed through more than 40,000 outlets nationwide. The extensive line ranges from cones, cups and cakes to sundaes and novelties.
Commenting on the sale, Managing Director Ankit Chona said: “It was a great offer and we feel that Lotte shares our vision and can take the brand to the next level.”
Chona, who represents the third generation of leadership from the founding family, will remain at the helm for the foreseeable future. He has plans on the table to expand production and build a new facility in Faridabad to serve customers in the north of the country.
The $80 billion multinational Lotte Confectionery operation, active in India since 2004, has factories in Chennai and Delhi. Among its brands in the Indian market are Choco Pie, Coffee Bite, Eclairs and Lacto King.
