Following the acquisition of India’s fastest-growing ice cream brand Havmor Ice Cream Ltd. (HIL), Lotte Confectionery – the South Korean company worth $80 billion – will start its ice cream business in the Indian market, which boasts of a population of approximately 1.3 billion. Lotte Confectionery decided to acquire 100 per cent of the shares of HIL, one of the largest ice cream brands in India, at the recent meeting of its board of directors. The transaction is to acquire 100 per cent share purchase, and the purchase price is Rs. 1,020 crore. Founded in 1944 and headquartered in Ahmedabad, Gujarat, HIL has been India’s fastest growing ice cream brand over the last five years and has been one of the most sought-after ice cream brands. HIL boasts of a unique product portfolio, with a significant network of parlours operating across 14 states in India. The company manufactures 150 kinds of products from two plants and sells from about 30,000 dealers. Meanwhile, Lotte Confectionery was one of the first Korean f&b companies to enter the India in 2004.