South Korean confectionery manufacturer, Lotte Confectionery, is investing INR 450 crores (approx. $55.3 million) in its Indian ice cream maker subsidiary, Havmor Ice Cream, over the next five years.
The capital will be used to build a 60,000-square-metre facility in Pune, Maharashtra, to increase Havmor’s production capacity in the country.
Havmor has a presence in over 20 states and operates 216 ice cream parlours in India. Meanwhile, Lotte Confectionery produces a variety of confectionery products, including chewing gum, cookies, ice cream and others.
Komal Anand, managing director of Havmor, said: “Lotte sees India as a strategic market, and this investment decision demonstrates the confidence that the group has in the growth opportunity India has to offer. Revolutionising the Indian palate with lip-smacking options that satisfy consumer demand has been at the centre of our initiative.”
Choi, chief globalisation officer at Lotte Confectionery Korea, added: “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 and processing in India. The new plant will be instrumental in strengthening and growing the brand’s reach in India.”
The project will be fully operational in 2024 and is expected to create around 1,000 jobs.
© FoodBev Media Ltd 2022
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