Magnum Ice Cream acquires 61.9% stake in Kwality Wall’s

Magnum Ice Cream Netherlands has completed the acquisition of a 61.9% majority stake in Kwality Wall’s (India) Ltd. (KWIL), resulting in a change in the promoter classification.

“On 30th March, 2026, the Incoming Promoter acquired the Sale Shares from the Outgoing Promoters in accordance with the SPA and other applicable laws,” KWIL said in a regulatory filing.

Pursuant to this transaction, the Incoming Promoter has acquired control over the company and is classified as a “promoter” of the company in accordance with the Listing Regulations, it added.

Meanwhile, the outgoing promoters have been reclassified from the “promoter” category to the public category.

This acquisition is done as per the Share Purchase Agreement (SPA) executed on June 25, 2025, which includes The Magnum Ice Cream Company Netherlands BV and Unilever PLC, among others.

The “incoming Promoter [Magnum] agreed to acquire an aggregate of 145.44 crore equity shares of KWIL” representing 61.9% of the equity share capital of the company from the Outgoing Promoters Unilever.

KWIL has also announced changes at the top level. It has approved the appointment of Abhijit Bhattacharya as an additional (non-executive and non-independent) director of the company and chairman of the board. Ritesh Tiwari resigned as additional (non-executive and non-independent) director of the company.