Korean giant Lotte Wellfood consolidates Indian subsidiaries to boost confectionery and ice cream presence, targets $734 million annual sales by 2032.
Lotte Wellfood, the confectionery and food division of South Korea’s Lotte Group, has officially merged its two Indian subsidiaries — Lotte India and Havmor Ice Cream — as part of a strategic move to deepen its foothold in the world’s most populous consumer market.
The merger, which involves Lotte India absorbing Havmor, is a significant milestone in the group’s “One India” vision aimed at streamlining operations, maximizing synergies, and expanding its presence across India’s diverse regional markets.
While the merger brings both companies under a unified corporate structure, Havmor will continue to operate as an independent brand focused on its ice cream business. Its legacy and strong market presence — especially in western India — will now be complemented by Lotte India’s capabilities in snack and Korean ice cream manufacturing.
“This consolidation marks a major step in our India strategy,” a Lotte Wellfood official said. “By combining the operational strengths and manufacturing capabilities of Lotte India and Havmor, we aim to make Lotte India the country’s top confectionery player.”
Strategic Footprint across Regions
The move strengthens Lotte India’s presence in key regions:
South & North India: Lotte India has been operational in Chennai (Tamil Nadu) and Haryana since 2004.
West India: Havmor, founded in 1944, brings a robust regional presence from Gujarat.
The unified entity now has enhanced control over manufacturing and logistics across these regions, allowing it to scale more efficiently and respond faster to market demands.
Aggressive Growth Plans
Post-merger, Lotte India has set an ambitious target — achieving annual sales of 1 trillion won (approx. $734 million) by 2032. This aligns with its push to become a dominant player in India’s competitive ice cream and snack markets.
Already in 2025, the company is off to a strong start. Lotte India recorded 80.2 billion won in sales during Q1, a 24% year-on-year increase, with total 2024 sales standing at 290.5 billion won. It now projects 15% business growth for the full year.
Expansion through Manufacturing
The merger follows key infrastructure investments that signal Lotte’s serious commitment to India:
Pune Ice Cream Plant (70 billion won): Launched in February 2025, this new factory boosted Lotte’s ice cream competitiveness just ahead of peak season. It manufactures Krunch, a Korean-origin ice cream bar that has sold over 1 million units in just three months, cementing the growing popularity of Korean desserts in India.
Haryana Snack Plant (33 billion won): Expected to go operational by the end of 2025, this unit will manufacture Pepero, Lotte’s iconic chocolate-dipped biscuit sticks, marking the first time the brand will be produced outside Korea.
Chennai and Haryana: Lotte India continues to produce Choco Pie, one of its best-selling products in India, from its two established facilities.
Market Synergy and Localization
The integration of Havmor’s local insights and distribution network with Lotte India’s innovation and global brand portfolio is expected to give the company a sharper edge in product development and regional customization — a necessity in India’s culturally diverse food market.
Lotte Wellfood emphasized that its long-term success in India hinges on blending Korean innovation with Indian taste preferences — and that the merger is central to that mission.
With India’s confectionery and ice cream sectors witnessing rapid growth and rising demand for premium and international flavors, Lotte’s consolidated presence positions it strongly to compete with domestic and global rivals alike, from Amul and Kwality Walls to Nestlé and Mars.
As Lotte India accelerates its investments and localization, the merger with Havmor represents more than just operational efficiency — it’s a bold bet on India’s evolving palate and a commitment to becoming a household name across the subcontinent.