The Ahmedabad-based Havmor Ice Cream Ltd announced on Thursday that it will sell the company to South Korea’s Lotte Confectionery for Rs 1,020 crore. Lotte will acquire 100% of Havmor’s shares, PTI reported.
Lotte said that with this deal, it can start its ice cream business in the Indian market.
“It is a brand we have nurtured for over 73 years,” Havmor Chairman Pradeep Chona said. “But we believe Lotte Confectionery is the right brand to take the company to the next level.”
Havmor, one of India’s biggest ice cream brands, has ice cream parlours in 14 states across India. Lotte Confectionery entered India in 2004 and has factories in Chennai and Delhi.
Havmor will continue to operate its chain of restaurants across Gujarat.