Mumbai: The Magnum Ice Cream Company (TMICC) has announced the completion of its acquisition of a 61.9% equity stake in Kwality Wall’s (India) Limited (KWIL), under the terms of a Share Purchase Agreement signed with Unilever on June 25, 2025.
Following the transaction, KWIL will continue to be listed on the BSE and NSE as a majority-owned subsidiary of the TMICC Group.
The acquisition marks a significant strategic move for TMICC as it strengthens its footprint in India, one of the world’s fastest-growing and under-penetrated ice cream markets. The deal is expected to combine TMICC’s global brand portfolio and innovation capabilities with KWIL’s strong local heritage, manufacturing infrastructure, and extensive distribution network across the country.
Abhijit Bhattacharya, CFO of The Magnum Ice Cream Company, said, “This transaction strengthens TMICC’s presence in one of the world’s fastest-growing, under-penetrated ice cream markets. It combines TMICC’s global brand strength, and innovation capabilities, with KWIL’s strong local heritage, manufacturing footprint, and extensive distribution network across India. With TMICC’s global expertise and the strong local management team in India, we are confident of accelerating category growth and building a future-ready business that continues to create value for consumers and shareholders.”
As part of regulatory requirements, a mandatory tender offer has been initiated in accordance with Indian laws and is expected to conclude within the next four to six months. Should TMICC’s shareholding exceed 75% following the offer, the company will be required to dilute its stake to comply with minimum public shareholding norms within one year.
The transaction underscores TMICC’s long-term commitment to the Indian market, with a focus on driving category growth, strengthening distribution, and delivering innovation-led expansion in the ice cream segment.
