LOTTE Confectionary Ltd. announced intentions to invest Rs 450 crores over the next five years in its subsidiary, the well-known ice cream brand Havmor.
A new industrial plant is part of the investment at MIDC Talegaon in Pune, Maharashtra.
Over 1000 jobs would be created throughout the investment term by LOTTE Confectionary Ltd., one of the first-ever Korean-themed facilities in India.
Four years have passed since LOTTE Confectionery Ltd. purchased Havmor Ice Cream for Rs 1000 crores in December 2017. With a significant presence in more than 20 states and 216 unique ice cream parlours, Havmor Ice Cream is now one of India’s fastest-growing ice cream brands.
Havmor Ice Cream is ready to scale up its production and meet the rising demand in the Indian market thanks to years of consistent expansion. The company’s first-ever Korean technology-based facility in India, the MIDC Talegaon facility in Pune is expected to be state-of-the-art with cutting-edge engineering and architectural innovation.
This plant, which will be built on a total of 60,000 sqm of leased space from MIDC, will significantly boost its production capacity in order to satisfy future demand. By 2024, the plant will be entirely operational.
Sharing his thoughts on the announcement, Mr. Komal Anand, Managing Director, Havmor Ice Cream, said, “LOTTE sees India as a strategic market & this investment decision demonstrates the confidence that the group has on the growth opportunity India has to offer. Revolutionizing the Indian palate with lip-smacking options that satisfy consumer demand has been at the center of our initiative. The company launched its global best-seller ice cream LOTTE World Cone in 2021 and the acceptance of this product has exceeded expectations”.
In light of the low ice cream consumption per capita when compared to other Asian nations, he said, there is plenty of space to increase consumption. We hope to increase our presence and strengthen our position over the long term with this facility, according to Mr. Anand.
Commenting on the investment, Mr. Choi, Chief Globalization Officer, LOTTE Confectionery Korea said “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 & processing in India. The new plant will be instrumental in strengthening and growing the brand’s reach in India”.
1000 individuals from the local area will have job prospects thanks to Havmor Ice Cream’s new plant. The building will be a supplement to the current Havmor Ice Cream production facilities in Ahmedabad and Faridabad.
