Lotte, the Far East conglomerate active in confectionery and other categories, is to buy the Indian ice cream firm Havmor for 1,020 crore INR ($158 million), according to an article in the Economic Times.
The South Korea based firm said it would buy 100% of the shares in Havmor, enabling it to begin operations in the ice cream space in India.
Havmor produces a broad range of over 150 different ice cream products, including tubs, cones, sticks and novelties. It operates two factories and sells across 14 states in India via 30,000 dealers.
Lotte is already present in India via its choco-pie confectionery product, which it launched in 2004 and for which it has established factories in Chennai and Delhi. With the Havmor acquisition, the firm said its plan was to expand across India from its current strongholds in the north of the country.
Source: Economic Times
Discover our latest reports