Havmor Ice Cream (HIL) on Thursday said it has agreed to sell its entire ice cream business to South Korea's Lotte Confectionery for Rs 1,020 crore.
According to Gujarat-based HIL, the South Korean company will start its business in the Indian ice-cream market, of "1.3 billion customers", after the acquisition.
"Lotte Confectionery has decided to acquire 100 per cent of shares of HIL, one of India's biggest ice cream brands, during its Board of Directors meeting held on November 23," the ice-cream maker said in a statement.
"The transaction is to acquire 100 per cent share purchase, and the purchase price is Rs 1,020 crore," it added.
The statement said Havmor will continue to operate its signature chain of restaurants and eateries across Gujarat as well as its signature brand and concept cafe -- "Huber & Holly".
Founded in 1944 and headquartered in Ahmedabad, HIL manufactures 150 kinds of products from two plants and sells from around 30,000 dealers.
--IANS
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