South Korea's Lotte buys Havmor Ice Cream for Rs 1,020 crore

Havmor makes 150 products from its two plants and has around 30,000 dealers

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

Privately held Havmor, whose annual turnover is estimated to be Rs 450 crore, worked with its financial advisor, KPMG, besides Veritas Legal and Dhruva tax consultants, to seal the deal.

 Announcing the deal on Thursday, 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.” He added he would continue to run the company for Lotte for the