New Delhi Nov 23 (IANS) 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
ppg/him/bg
