Lotte Confectionary, a large South Korean food company, is increasing its footprint in the Indian ice cream sector.

Sources said Lotte paid Rs 1,020 crore to acquire Ahmedabad-based Havmor Ice Cream Ltd and has since worked to modernise its workplaces, equipment, and personnel.

In order to increase the manufacturing of Havmor Ice Cream, the business is considering spending Rs 550 crore over a five-year period.

Managing Director of Havmor Ice Cream, Komal Anand said, "We have planned investments of Rs 550 crore over the next five years.

The company plans to develop a state-of-the-art manufacturing plant in Maharashtra's Pune district, which is expected to become operational by June 2024.