S. Korea’s Lotte Acquires Ice Cream Maker in India

South Korea’s Lotte Confectionery bought Ahmedabad, Gujarat-headquartered ice cream maker Havmor Ice Cream Ltd for $150 million in an all cash deal. Privately held Havmor, worked with KPMG, Veritas Legal and Dhruva Tax Consultants, to seal the deal. It is the first time that a South Korean company has entered the food space in IndiaAnkit Chona, managing director, Havmor, said that he would continue to manage the company for Lotte for the foreseeable future.

Havmor was founded in Karachi – then part of India –  by Satish Chona in 1944. Immediately after partition in 1947, Havmor moved operations to India and set up its base in Ahmedabad. In 1951, it started as a handcart venture, and by 1953  the company’s first shop was set up, reports the Business Standard.
Havmor has a 3.5-4 percent share of the  $1 billion (Rs 6,000 crore) Indian ice cream market, which is growing at 10 percent annually. 
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Posted on by Gunjan Bagla
Gunjan Bagla
California-based management consultant Gunjan Bagla runs Amritt, a consulting firm helping American companies to succeed in India. Amritt is the trusted advisor for India market research, India business development, India market entry, Global Engineering, Global Technology Scouting, India R&D and Open Innovation. Gunjan is author of "Business in 21st Century India: How to Profit Today from Tomorrow’s Most Exciting Market" (Hachette Book Group, 2008), Amazon's top rated title on the subject. He has appeared as the India Expert on BBC Television, Bloomberg TV, Fox Cable Business and has been quoted in the New York Times, the Los Angeles Times, the Hollywood Reporter and Business Week for his expertise on India.


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