The ownership structure of India’s ice cream market underwent a major shift this week as The Magnum Ice Cream Company (a standalone global entity) moved to acquire a controlling 61.9% stake in the newly listed Kwality Wall’s (India) Limited (KWIL). The transition follows the successful demerger of the ice cream business from Hindustan Unilever Limited (HUL) and its subsequent stock market listing on February 16, 2026.
This acquisition effectively transfers control from the Unilever Group to the dedicated Magnum global business, which is itself in the process of becoming an independent entity.
The Transaction Details
The transfer of control is being executed through The Magnum Ice Cream Company HoldCo 1 Netherlands B.V. (the Acquirer) via a pre-arranged Share Purchase Agreement (SPA).
| Detail | Specification |
| Controlling Stake Acquired | 61.90% (145.44 Crore Equity Shares) |
| Total Consideration | ₹2,997.84 Crore (approx. EUR 278.55 Million) |
| Mandatory Open Offer | 26% additional stake at ₹21.33 per share |
| Potential Final Holding | 87.90% (if open offer is fully subscribed) |
| New Promoter | The Magnum Ice Cream Company Group |
Why the Ownership Change?
The shift is part of Unilever’s global “Ice Cream Separation” strategy, which aims to unbundle the seasonal and capital-intensive ice cream business from its core FMCG operations.
- Independence: As a standalone entity under Magnum, Kwality Wall’s will have its own capital allocation and dedicated cold-chain infrastructure.
- Operational Focus: The move allows the Indian business to focus exclusively on its portfolio—including Magnum, Cornetto, and Kwality Wall’s—which currently contributing roughly 3% to HUL’s total turnover.
- No Delisting: Despite the large potential holding (up to 87.9%), the Acquirer has clarified that it has no intention to delist Kwality Wall’s (India) from the Indian stock exchanges at this time.
Market Context: A “Cold” Debut
The acquisition announcement coincided with Kwality Wall’s stock market debut on February 16, 2026, which saw the stock list at a significant 26% discount to its adjusted price of ₹40.20.
- Listing Price: ₹29.80 (NSE) / ₹29.90 (BSE).
- Open Offer Anchor: Analysts suggest that the conservative open offer price of ₹21.33 acted as a “floor,” preventing the stock from gaining immediate momentum post-listing.
- Upper Circuit: Despite the discount, the stock hit its 5% upper circuit shortly after listing as investors found value at the lower entry price.
“The separation marks a defining moment. As a standalone company under the Magnum umbrella, we will have a sharper focus and a faster innovation approach to scale the category in India.” — KWIL Company Spokesperson.
