AHMEDABAD: South Korean company Lotte Confectionery on Thursday signed a deal to buy 100% of homegrown ice cream brand Havmor for Rs 1,020 crore in an all-cash deal, making a foray into the Rs 5,000-crore ice cream market in India. Lotte will acquire the plants, machinery and the staff of the company," said Ankit Chona, managing director at Ahmedabad-based Havmor Ice Cream (HIL). It has two plants, in Ahmedabad and Faridabad, manufacturing 2.5 lakh litres of ice cream per day. "We will have a licensing agreement with Lotte to use Havmor brand for our restaurant business," Ankit Chona said.The 100% promoter-run restaurant business has a turnover of Rs 75 crore. Last year, market share of Lotte Confectionery, which has choco pie factories in Chennai and Delhi, reached 90%.

Source: Economic Times November 23, 2017 11:26 UTC