SEOUL, Nov. 23 (Korea Bizwire) – Lotte Confectionery Co., a key food unit of South Korean retail giant Lotte, said Thursday it has purchased an Indian ice cream company for 164.5 billion won (US$151 million) to tap deeper into the large South Asian market.
Lotte Confectionery acquired the entire 1 million shares of Havmor Ice Cream to expand its presence in India’s snack market, the company said in a regulatory filing.
The ice cream firm, established in Gujarat, northwestern India, in 1994, is expected to bask in some 100 billion won in sales this year, according to Lotte Confectionery.
The Lotte affiliate was the first South Korean food maker to tap into India in 2004. It posted near 70 billion won in revenue on the subcontinent last year.
Founded in 1967, Lotte Group grew into one of South Korea’s leading “chaebol,” or family-run conglomerates, driven by its success in the retail, food and amusement businesses. Its sprawling empire now includes chemicals, duty-free, finance and construction, with a global workforce of 125,000.