The international confectionery company Lotte Wellfood, based in South Korea, announced today that it has merged Lotte India and Havmor Ice Cream, two of its Indian subsidiaries, to form an integrated entity.
With this merger, the combined company, hopes to reach yearly revenues of Rs 6,000 crore within six years of the amalgamation process ending.
On July 29, the boards of directors of Lotte India and Havmor each accepted the merger arrangement.
The new combined company is scheduled to open early in the next year, and the merger procedure is expected to be finished by the second half of this year.
“With the launch of One India, we aim to solidify Lotte’s brand presence and secure growth momentum in the Indian market. Our long-term vision includes substantial investments in India, a key emerging market with the world’s largest population and robust economic growth,” said Chang-Yeop Lee, chief executive officer, Lotte Wellfood.
As its first investment under One India initiative, Lotte Wellfood also announced its plans to set up a new ice-cream production facility for Havmor with an investment of Rs 400 crore in Pune, Maharashtra.
This expansion is expected to extend the company’s regional coverage from the west to the south-central regions of India.
The merger will take the form of Havmor Ice Cream integrating with Lotte India and both the brands will continue to retain the individual identities for seamless operations.
Lotte Wellfood entered the Indian market in 2004 by acquiring Parrys, an Indian confectionery company, and renaming it Lotte India.
In December 2017, Lotte acquired Havmor Ice Cream, one of India’s most beloved ice cream brands, further strengthening its operations.
Lotte India recorded double digit growth last year.
Date : 17th & 18th Aug, 2024
Time : 10 AM to 05 PM
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