Big deal in dairy world: Magnum Ice Cream Company takes control over popular Indian brand Kwality Wall’s

The acquisition has been completed 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 company said in a statement.

Abhijit Bhattacharya, CFO of The Magnum Ice Cream Company, said the deal strengthens the company’s presence in one of the world’s fastest-growing and under-penetrated ice cream markets.

He said the combination of TMICC’s global brand strength and innovation capabilities with KWIL’s local heritage, manufacturing base, and extensive distribution network would help accelerate category growth in India.

“With TMICC’s global experience and KWIL’s strong local management team, we are confident of building a future-ready business that continues to create value for consumers and shareholders,” he added.

KWIL also confirmed that a mandatory tender offer, in accordance with Indian regulatory requirements, is currently underway and is expected to conclude within the next 4–6 months.

The company noted that if TMICC’s shareholding exceeds 75% following the offer, it will be required to reduce its stake to comply with minimum public shareholding norms within one year.

Kwality Wall’s (India) Limited is one of India’s leading ice cream and frozen dessert companies, with a portfolio that includes Kwality Wall’s, Magnum, and Cornetto, enjoyed by millions of consumers across the country.

Headquartered in Amsterdam, the Netherlands, The Magnum Ice Cream Company is listed on Euronext Amsterdam, the London Stock Exchange, and the New York Stock Exchange.