 "South Korea's Lotte to invest Rs 450 cr in Indian unit Havmor Ice Cream")
Seoul-headquartered 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.
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 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, the company said.
Havmor Ice Cream has manufacturing units in Ahmedabad and Faridabad. It does business in more than 20 states and operates 216 ice cream parlours in India.
“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,” said Komal Anand, managing director of Havmor Ice Cream.
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.” (The executive uses only name.)
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 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, the company said.
Havmor Ice Cream has manufacturing units in Ahmedabad and Faridabad. It does business in more than 20 states and operates 216 ice cream parlours in India.
“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,” said Komal Anand, managing director of Havmor Ice Cream.
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.” (The executive uses only name.)
Great minds don’t just skim the surface, they uncover the full story.
Already subscribed? Log in
Subscribe to read the full story →
and get complimentary access to
Quarterly Starter
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Access to Exclusive Premium Stories Online
Over 30 premium stories daily, handpicked by our editors for subscribers
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%