TMICC Completes Majority Stake Acquisition in Kwality Wall’s India
The transaction follows a Share Purchase Agreement signed with Unilever on June 25, 2025.
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The Magnum Ice Cream Company (TMICC) has completed the acquisition of a 61.9% stake in Kwality Wall’s (India) Limited (KWIL), marking a significant expansion in the Indian ice cream market. The transaction follows a Share Purchase Agreement signed with Unilever on June 25, 2025.
With the deal now closed, KWIL will continue to be listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE), operating as a majority-owned subsidiary of the TMICC Group.
The acquisition highlights TMICC’s strategy to strengthen its presence in India, a market considered both fast-growing and relatively under-penetrated in the ice cream segment. The company plans to combine its global portfolio and innovation capabilities with KWIL’s established domestic footprint.
Abhijit Bhattacharya, Chief Financial Officer of TMICC, 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.”
He added, “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.”
A mandatory tender offer, in line with Indian regulations, is currently underway and is expected to conclude within four to six months. If TMICC’s shareholding exceeds 75% following the offer, it will need to reduce its stake within one year to meet minimum public shareholding norms.
Kwality Wall’s (India) Limited is among India’s leading ice cream and frozen dessert companies, with brands such as Kwality Wall’s, Magnum and Cornetto. TMICC, headquartered in Amsterdam, operates in 80 markets worldwide and reported revenue of EUR 7.9 billion in 2025.
The Magnum Ice Cream Company (TMICC) has completed the acquisition of a 61.9% stake in Kwality Wall’s (India) Limited (KWIL), marking a significant expansion in the Indian ice cream market. The transaction follows a Share Purchase Agreement signed with Unilever on June 25, 2025.
With the deal now closed, KWIL will continue to be listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE), operating as a majority-owned subsidiary of the TMICC Group.
The acquisition highlights TMICC’s strategy to strengthen its presence in India, a market considered both fast-growing and relatively under-penetrated in the ice cream segment. The company plans to combine its global portfolio and innovation capabilities with KWIL’s established domestic footprint.
