On Thursday, the food unit of South Korean retail giant Lotte Confectionery Co., said it has purchased an Indian ice cream company for 164.5 billion won (US$151 million) which make them tap deeper into the large South Asian market. In a regulatory filing, the company spokesperson said, Lotte Confectionery acquired the entire 1 million shares of Havmor Ice Cream to expand its presence in India’s snack market. According to Lotte Confectionery, the Havmor company, established in northwestern India, Gujarat, in 1994, is now expected to bask in some 100 billion won in sales this year. It has been fastest growing ice-cream brand over the last five years in India.
The Havmor company said that the Share Purchase Agreement has been executed in the afternoon of 23rd November. The Lotte affiliate was the first South Korean food maker company which comes in 2004 to India. Lotte said that 90% of its market share is in Indian choco-pie sphere. Now The company plans to expand their business and market power to all across India with this entry into the Indian ice-cream company.
Lotte Group Founded in 1967 and grew into one of South Korea’s leading “chaebol,” or family-run conglomerates, which driven its success in the retailing of food and amusement businesses. Its sprawling empire now includes duty-free, finance, chemicals, and construction.