Magnum expands its 'cone-quest' with Kwality Wall's India deal

MUMBAI: The Magnum Ice Cream Company has completed the acquisition of a 61.9% stake in Kwality Wall's (India), expanding into one of the world's fastest-growing ice cream markets. The stake was acquired from Unilever under a share purchase agreement signed on June 25, 2025, the company said in a statement. Kwality Wall's India will continue to be listed on the BSE and NSE, operating as a majority-owned subsidiary of the Magnum group.

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A mandatory open offer to public shareholders is currently underway in line with Indian takeover regulations and is expected to conclude within four to six months. Should the Magnum Ice Cream Company's stake rise above 75% following the offer, it will be required to cut holdings to comply with minimum public shareholding norms within a year.


"This transaction strengthens TMICC's presence in one of the world's fastest-growing, under-penetrated ice cream markets," said Abhijit Bhattacharya, chief financial officer of the Magnum Ice Cream Company.

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"It combines TMICC's global brand strength and innovation capabilities with KWIL's strong local heritage, manufacturing footprint, and extensive distribution network across India."