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Lotte India, Havmor to merge as integrated entity, invest Rs 400 crore for ice-cream factory
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Thursday, 08 August, 2024, 13 : 00 PM [IST]
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Our Bureau, Mumbai
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South Korea-based confectionery company, Lotte Wellfood has made a decision to merge its Indian subsidiaries, Lotte India and Havmor Ice Cream to establish an integrated entity in the country. The company will also set up a new ice-cream production facility with an investment of Rs 400 crore in Pune, Maharashtra to expand its reach in south-central regions of India.
As part of its strategic initiative, One India, the move will aid growth momentum in the Indian confectionery and ice cream market. The merger is expected to get completed by the second half of the year 2024, and will enhance management efficiency and create synergies. The focus on the local Lotte brand will be strengthened through diversified product portfolios along with integrating logistics and production bases.
The company had earlier invested over Rs 210 crore to establish the production base for Lotte Pepero at its Haryana factory, which will begin operations in the second half of the year 2025. The integrated entity has a target to achieve annual sales of about Rs 6,000 crore through a series of investments and secure future growth drivers.
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