Korean food giant Lotte Confectionery is expanding its presence in India's ice cream market, with plans to invest ₹550 crore over five years to boost production at Havmor Ice Cream.
In 2017, Lotte had acquired Ahmedabad-based Havmor Ice Cream Ltd for ₹1,020 crore and has been consistently upgrading its facilities, systems, as well as the team since then.
"We have planned investments of ₹550 crore over the next five years," said Komal Anand, managing director of Havmor Ice Cream.
A key element of its expansion plan is a state-of-the-art manufacturing plant in Maharashtra's Pune district, likely to be operational by June 2024. Havmor, which operates facilities in Ahmedabad and Faridabad districts, is expanding its capacity as rising demand is outpacing its current production. The investment will help ramp up production lines at its existing units.
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