South Korean Lotte Confectionery is all set to enter the Rs 6,000- crore Indian ice cream market by acquiring Ahmedabad-headquartered Havmor Ice Creams Ltd (HIL) in an all-stock deal for Rs 1,020 crore. Turnover of Havmor, which is privately held, is estimated to be around Rs 450 crore. The company worked with its sole financial advisors – KPMG, alongside Veritas Legal and Dhruva Tax consultants, on the deal.
Ankit Chona, managing director, Havmor said,"It was a great offer and we felt that Lotte shared our vision. Also, Lotte can take the brand to the next level." The seven-decade-old company claims to be India's fastest growing ice cream brand over the past five years and operates a significant parlour network across 14 states in India. Havmor makes 150 products from its two plants and has around 30,000 dealers.

South Korean Lotte Confectionery is all set to enter the Rs 6,000- crore Indian ice cream market by acquiring Ahmedabad-headquartered Havmor Ice Creams Ltd (HIL) in an all-stock deal for Rs 1,020 crore. Turnover of Havmor, which is privately held, is estimated to be around Rs 450 crore. The company worked with its sole financial advisors – KPMG, alongside Veritas Legal and Dhruva Tax consultants, on the deal.
Ankit Chona, managing director, Havmor said,"It was a great offer and we felt that Lotte shared our vision. Also, Lotte can take the brand to the next level." The seven-decade-old company claims to be India's fastest growing ice cream brand over the past five years and operates a significant parlour network across 14 states in India. Havmor makes 150 products from its two plants and has around 30,000 dealers.