Lotte Confectionery will invest Rs 450 crore in its Indian subsidiary Havmor Ice Cream in the next five years, marking its first big investment in the company after acquiring it in December 2017 for Rs 1,000 crore.
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The investment will set up a new production facility at Talegaon township of Maharashtra Industrial Development Corporation (MIDC). Havmor’s new facility will be functional in 2024 and it will generate employment for 1,000 people, said the company in a statement.
The company said.
The facility will be the brand’s first ever Korean technology-based facility in India. It will be made on a total area of 60,000 sq. m. leased from MIDC and will lead to a significant increase in its production capacity to meet future demand.
Havmor Ice Cream has manufacturing units in Ahmedabad and Faridabad. It does business in more than 20 states and operates 216 ice cream parlors in India.
Komal Anand, managing director of Havmor Ice Cream, said
Lotte sees India as a strategic market and this investment decision demonstrates the confidence that the group has on the growth opportunity India has to offer.
Choi, chief globalization officer of Lotte Confectionery Korea, said:
India is an important market for Lotte, and we are very excited to announce our first ever ice cream facility built with Korean expertise in manufacturing, supply chain metrics & processing in India. The new plant will be instrumental in strengthening and growing the brand’s reach in India.