Lotte Confectionery announced on the 18th that it will invest 4.5 billion rupees (approximately 70 billion KRW) over five years in its Indian subsidiary, Havmor Ice Cream.
This investment comes six years after Lotte Confectionery acquired Havmor in December 2017 for 10 billion rupees (approximately 167.2 billion KRW at the time of acquisition). Lotte Confectionery plans to establish a new ice cream production facility with a capacity of 60,000㎥ in Talegaon, Maharashtra Industrial Development Corporation, Pune, Maharashtra, India. This will be the first new factory built since acquiring Havmor, incorporating advanced Korean food manufacturing technologies including various automation systems.
The investment was made due to the growing need to expand production capacity following Havmor's rapid growth. Over the past 10 years, Havmor has grown tenfold and currently holds high brand recognition in more than 20 of India's 28 states, operating a total of 216 ice cream franchise stores. This new factory will be the third, following existing plants in Ahmedabad and Faridabad. Through the establishment of this new factory, Havmor is expected to create approximately 1,000 local jobs in India.
Choi Myung-rim, Head of Global Business Division at Lotte Confectionery, said, "India is an important market for Lotte, and we are very pleased to build an ice cream factory based on Korean manufacturing technology." He added, "The new factory will be a crucial stepping stone to strengthen our brand presence and growth in India."
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