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The Magnum Ice Cream Company acquires 61.90% stake in Kwality Wall’s India from Unilever, completing a landmark deal on March 30, 2026, reshaping India’s frozen dessert market.
The Indian ice cream sector has witnessed a defining moment as The Magnum Ice Cream Company, recognised as the world’s largest ice cream company, successfully completed the acquisition of a 61.90% controlling stake in Kwality Wall’s (India) Limited (KWIL). This landmark transaction marks a significant turning point not just for both companies involved, but for the broader frozen dessert market across the subcontinent.
The Deal at a Glance
The acquisition was executed under the terms of a Share Purchase Agreement formally signed with Unilever on June 25, 2025. The deal involved the transfer of approximately 145.44 crore equity shares, representing 61.90% of KWIL’s total equity share capital, to The Magnum Ice Cream Company HoldCo 1 Netherlands B.V. The transaction was officially completed on March 30, 2026, with The Magnum Ice Cream Company assuming full promoter status over Kwality Wall’s India in compliance with applicable Indian listing regulations. Consequently, the outgoing promoters including Unilever PLC and its group companies have been reclassified under the public shareholder category.
Strategic Significance
This acquisition is a direct outcome of Unilever’s broader global strategy to separate its ice cream division into an independent, standalone business. The Magnum Ice Cream Company itself began trading as a separate company following its demerger from Unilever in December 2025, and Kwality Wall’s (India) Limited was separately listed on the BSE and NSE in February 2026 following the demerger of Hindustan Unilever’s ice cream business. By carving out ice cream from its larger FMCG portfolio, Unilever has enabled The Magnum Ice Cream Company to operate with sharper strategic focus and dedicated resources. For India specifically, the transition places one of the country’s most beloved ice cream portfolios encompassing brands such as Kwality Wall’s, Magnum, and Cornetto under the stewardship of a company whose sole mandate is to grow the ice cream business globally. The Magnum Ice Cream Company is headquartered in Amsterdam and is listed on Euronext Amsterdam, the London Stock Exchange, and the New York Stock Exchange.
Leadership and Continuity
Alongside the ownership change, KWIL has announced key leadership appointments. Abhijit Bhattacharya — who serves as CFO of The Magnum Ice Cream Company — has been named Additional Non-Executive and Non-Independent Director and Chairperson of the Board, while Tahir Toloy Tanridagli joins as an Additional Non-Executive and Non-Independent Director. Both appointments are effective March 30, 2026. These appointments signal a deliberate effort to align governance with The Magnum Ice Cream Company’s global vision while retaining operational continuity in the Indian market. Kwality Wall’s India will continue to be listed on both BSE and NSE as a majority owned subsidiary of The Magnum Ice Cream Company Group.
Mandatory Open Offer Underway
A detail absent from earlier coverage: in accordance with applicable Indian takeover regulations, a mandatory tender offer is currently underway. The Magnum Ice Cream Company has initiated an open offer to acquire an additional 26% stake — approximately 61.08 crore shares — at ₹21.3 per share, with the tendering period scheduled from April 15 to April 28, 2026. Should The Magnum Ice Cream Company’s total holding exceed 75% following the offer, it will be required to reduce its shareholding to not more than 75% within one year to comply with minimum public shareholding norms.
Looking Ahead
With The Magnum Ice Cream Company’s global brand expertise now combined with Kwality Wall’s extensive local manufacturing and distribution network, the stage is set for accelerated growth in India’s rapidly expanding frozen dessert market. This acquisition is not merely a change in ownership – it is the beginning of a new chapter for ice cream in India.
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