The Magnum Ice Cream Company (TMICC) has completed the acquisition of a 61.9% equity stake in Kwality Wall’s (India) Limited (KWIL), marking a significant move to strengthen its presence in India’s fast-growing ice cream market. The transaction follows a Share Purchase Agreement signed with Unilever in June 2025.
Post-acquisition, KWIL will continue to remain listed on both the BSE and NSE, operating as a majority-owned subsidiary under the TMICC Group. The deal reflects TMICC’s strategic intent to deepen its footprint in India, a market that remains under-penetrated yet holds immense growth potential in the ice cream category.
The integration is expected to combine TMICC’s global brand portfolio, innovation capabilities, and category expertise with Kwality Wall’s strong local legacy, robust manufacturing infrastructure, and widespread distribution network across the country. This synergy aims to unlock faster growth, expand consumer reach, and strengthen market leadership.
Abhijit Bhattacharya, CFO of TMICC, emphasised that the acquisition aligns with the company’s long-term vision of building a future-ready, innovation-led business while driving category expansion and delivering value to consumers and stakeholders.
As part of regulatory requirements, TMICC has initiated a mandatory tender offer, expected to conclude within four to six months. If its shareholding exceeds 75% post-offer, the company will be required to reduce its stake within a year to meet public shareholding norms.
Overall, the acquisition underscores TMICC’s commitment to scaling operations, accelerating innovation, and capturing the next phase of growth in India’s evolving ice cream market.
