The country's fastest growing ice cream brand Havmor is set to become a part of South Korea's LOTTE Confectionery, with the latter making an acquisition of the former at Rs 1,020 crore, DHNS reports from Bengaluru.

This will mark $80-billion LOTTE's entry into the ice cream space in India, with direct access to Havmor's market, which is estimated at 1.3 billion customers. Headquartered in Ahmedabad, Havmor manufactures from two plants and sells with a network of around 30,000 dealers across 14 states. It boasts of a portfolio of 150 products. After the acquisition of Havmor Ice Cream (HIL), LOTTE Confectionery will start its ice cream business in the Indian market.

Speaking on the development, HIL Chairman Pradeep Chona and Managing Director Ankit Chona said "This decision was a very difficult one to make. It's a brand that we have nurtured with our team for over 73 years. But we believe that LOTTE Confectionery is the right brand to take the company to the next level."

LOTTE Confectionery was one of the first Korean food & beverage companies to enter the Indian market in 2004. Last year, LOTTE Confectionery reached 90% market share in the Indian choco-pie market by making active investments.