Kwality Wall's India is loved for its popular ice cream brands, including Magnum, Cornetto, and Wall's. However, Magnum is not just part of Kwality Wall's brand portfolio but also the name of the company that now controls Kwality Wall's. On Monday, Kwality Wall's (India) Limited said that Magnum Ice Cream Company Holdco 1 Netherlands B.V. has acquired a 61.90 per cent stake in the company.
Ice Cream Business Separations, Demergers And Acquisitions
The Magnum brand is globally renowned for its association with indulgence and premium ice cream experiences. For the unversed, Magnum ice cream was introduced in India in 2013.
In July 2025, The Magnum Ice Cream Company (TMICC) completed its separation from Unilever and began operating as a standalone entity. The Magnum Ice Cream Company is the world's largest ice cream company, headquartered in Amsterdam, the Netherlands.
Hindustan Unilever Limited formally demerged its ice cream business, Kwality Wall's, into a standalone entity, Kwality Wall's (India) Ltd (KWIL), in December 2025.
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Magnum Ice Cream Netherlands Now Controls Kwality Wall's India
Magnum Ice Cream Netherlands has formally taken control of Kwality Wall's India following its latest acquisition and has now been designated as a promoter of the company. Consequently, the outgoing promoters, including Unilever PLC and its group entities, have been reclassified from the "promoter" category to public shareholding.
Under a Share Purchase Agreement signed in June 2025, the incoming promoter acquired 145.44 crore shares from the existing promoters, marking a significant shift in ownership, reported The Economic Times.
Leadership Changes
The board has also approved a set of leadership changes. Abhijit Bhattacharya has been appointed Chairperson and Additional Director, while Tahir Toloy Tanridagli has joined the board as an Additional Director. Meanwhile, Ritesh Tiwari stepped down from his role as Additional Director with effect from the conclusion of the board meeting.
Abhijit Bhattacharya, CFO of The Magnum Ice Cream Company, 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 innovative capabilities with KWIL's strong local heritage, manufacturing footprint, and extensive distribution network across India. With TMICC's global experience 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, being conducted in line with applicable Indian regulations, is currently underway and is expected to be completed over the next four to six months. Should TMICC's stake in Kwality Wall's India (KWIL) cross the 75 per cent threshold following the tender offer, the company will be required to pare its holding to no more than 75 per cent within one year to meet minimum public shareholding norms.
KWIL will continue to remain listed and actively traded on the BSE and NSE, operating as a majority-owned subsidiary of the TMICC Group.