South Korea’s Lotte Confectionery, has acquired Ahemdabad headquartered ice-cream maker Havmor Ice Cream Ltd (HIL), for Rs.1,020 crore in an all stock deal.

Pradeep Chona, HIL Chairman stated, “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, has a big parlour network across 14 states in India and it makes 150 kinds of products from 2 plants and sells through 30,000 dealers. Moreover, post acquisition Lotte will start its ice-cream business in the Indian market.

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