After tantalising our taste buds with its unique ice cream flavours for nearly 73 years, India’s homegrown ice cream brand Havmor Ice Cream Limited (HIL) has decided to sell its business to South Korean conglomerate Lotte group for Rs 1,020 crore.
The two companies signed the agreement on Thursday, November 23. HIL Chairman Pradeep Chona while sharing his views on the event said that Lotte would take the iconic brand to the next level. Here’s what he told PTI:
It’s a brand that we have nurtured with our team for over 73 years. But we believe that Lotte Confectionery is the right brand to take the company to the next level.
Havmor Ice cream (Photo: Facebook)
The acquisition will mark the entry of Lotte in the Indian ice cream market. After the acquisition, HIL will continue to run its restaurant business while its ice-cream brand will be taken over by the South Korean confectionary brand.
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About Havmor
According to a report by the Times of India, Havmor is the fifth largest ice cream seller in India and it enjoys a market share of nearly 8 percent.
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It was founded by Pardeep Chona’s father, Satish Chona in 1944. Over the years, the company has expanded its business to 12 states in India including Gujarat, Rajasthan, Punjab, Delhi, Haryana, Uttar Pradesh, Madhya Pradesh, Chattisgarh, Chattisgarh, Maharashtra, Goa, Karnataka, and Telangana. Today, the company offers over 160 flavours of ice creams. Apart from the ice cream business, HIL also owns ice cream parlours, fast food parlours in India.
