Korean food and beverage major $80 billion LOTTE Confectionery has agreed to acquire homegrown Gujarat-based Havmor Ice Cream Ltd. (HIL) for Rs 1,020 crore.Commenting on the deal, Pradeep Chona, Chairman, Havmor Ice Cream said, “This decision was a very difficult one to make. It’s a brand that we have nurtured with our team for over 73 years. But we believe that LOTTE Confectionery is...
Korean food and beverage major $80 billion LOTTE Confectionery has agreed to acquire homegrown Gujarat-based Havmor Ice Cream Ltd. (HIL) for Rs 1,020 crore.
Commenting on the deal, Pradeep Chona, Chairman, Havmor Ice Cream said, “This decision was a very difficult one to make. 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.”
Veritas Legal acted for Havmor Ice Cream with a team led by Partners Abhijit Joshi and Tushar Raut along with Senior Associate Natasha Sethna and Associate Tejasvi Saxena.
Lotte Confectionary was advised by AZB & Partners and the team was led by Partners Alka Nalavadi and Nilanjana Singh along with Senior Associate Qais Jamal and Associate Ramya Mahidhara.
This move marks the entry of the $80-billion food major into the Indian ice cream market.
Havmor will continue to operate its signature chain of restaurants and eateries across Gujarat as well as its signature brand and concept café — Huber & Holly.