Magnum Icecream to acquire 61.9% stake in Kwality Walls

Magnum Icecream Holdings, the Netherlands-based icecream seller, informed the markets regulator and stock exchanges that it was set to acquire 26% stake in Kwality Walls Ltd. 

The total consideration of the acquisition was ₹1,303.03 crore, where Unilever Plc decided to sell a total of 61,08,93,729 equity shares, according to the public takeover notice. 

Hindustan Unilever Ltd demerged Kwality Walls from the promoter group after which the leading icecream seller listed separately on the stock market on 16, February. The stock listed at a discount of 27% opening at ₹29.8 a share down from its issue price of ₹40.20 and closed 2% down at ₹29.4 a share. 

The FMCG major demerged its ice cream business,  Kwality Walls Ltd., because “of its different operating model, including differentiated infrastructure for supply and distribution, capital allocation needs, distinct channel landscape and go to-market strategy,” HUL said in its Annual report 2024-25.

“This business … necessitates a dedicated cold chain infrastructure for both its supply chain and points of sale. Furthermore, its pronounced seasonality and capital intensity distinguish it significantly from other segments,” it said, adding that the demerger will help the conglomerate focus on “high growth demand spaces.” The brands Kwality Walls, Cornetto and Magnum were contributing to 3% of the turnover of HUL, it added.  

The conglomerate was clocking an average third quarter net profit of ₹2,659 crore between fiscal 2023 to 2024. The company’s third quarter profit increased 2.2 times to ₹6,603 crore in December 2025, when the company announced the demerger.

Kwality Wall’s has a market in 400 cities reaching over 200,000 outlets and 15,000 plus push carts, the company said in its statement announcing the listing.