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 India. Ankit 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.
