Promoters of Havmor Ice Cream (HIL), among the fastest growing ice-cream brands of the state, have agreed to a 100 per cent acquisition by South Korean F&B company Lotte Confectionery in a INR 1,020-crore deal.
According to a company spokesperson, after the acquisition of Havmor, Lotte will start its ice-cream business in the India market. Lotte has decided to acquire 100 per cent of shares of HIL and the purchase price is INR 1,020 crore. The share purchase agreement has been executed.
Havmor product portfolio includes 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.