KWIL will continue to trade on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) as a majority-owned subsidiary of the TMICC Group
The Magnum Ice Cream Company (TMICC) has completed the acquisition of 61.9 per cent of the equity shares of Kwality Wall’s (India) or KWIL under the terms of the Share Purchase Agreement (SPA) with Unilever dated 25 June 2025.
KWIL will continue to trade on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) as a majority-owned subsidiary of the TMICC Group, the company said. A mandatory tender offer, made in accordance with applicable Indian laws, is currently underway and it is expected to conclude within the next four to six months.
If, pursuant to the tender offer, TMICC’s shareholding in KWIL exceeds 75 per cent, TMICC will be required to reduce its shareholding to not more than 75 per cent within one year, in order to comply with the minimum public shareholding requirements.
“This transaction strengthens TMICC’s presence in one of the world’s fastest-growing, under-penetrated ice cream markets. It combines TMICC’s global brand strength and innovation capabilities, with KWIL’s strong local heritage, manufacturing footprint and extensive distribution network across India,” stated Abhijit Bhattacharya, Chief Financial Officer (CFO), The Magnum Ice Cream Company.
KWIL said that a SPA dated 25 June 2025 was executed between the incoming and outgoing promoters. “Incoming promoter agreed to acquire an aggregate of 145,44,12,858 equity shares of Kwality Wall’s (India), representing 61.90 per cent of the equity share capital of the company (sale shares), from the outgoing promoters,” KWIL added.
KWIL also notified changes at the top level. The board took on record the resignation of Ritesh Tiwari as additional (non-executive and non-independent) director of the company. The company’s board approved the appointment of Abhijit Bhattacharya as an additional (non-executive and non-independent) director and as the chairperson of the board of directors of the company with effect from 30 March 2026. Tahir Toloy Tanridagli has been appointed as additional (non-executive and non-independent) director with effect from 30 March 2026.
