AHMEDABAD: Home-grown ice-cream maker Havmor Ice Cream Limited (HIL) on Thursday decided to sell its ice-cream business to Lotte Confectionery , a part of $80 billion South Korean conglomerate Lotte group , for Rs 1,020 crore. The 73-year-old ice-cream company, however, will continue to run its restaurant business.The share purchase agreement to acquire 100% shares of HIL by Lotte Confectionery was signed on November 23. "We were not actively looking at exiting the ice-cream business. However, we were happy to consider it (the sell-off) if somebody could do justice to Havmor brand and take it to the next level. "The restaurant business will be run by me from the same office and we will be working with Lotte to help grow the ice-cream business.

Source: Times of India November 24, 2017 01:07 UTC