On June 27, 2025, The Magnum Ice Cream Company signed a share purchase agreement to acquire a 61.9% stake in Kwality Wall’s India from Unilever Group, following Hindustan Unilever’s decision to demerge its ice cream business as part of its strategic Growth Action Plan. This move is expected to reshape India’s ice cream industry landscape.
In a major strategic move within India’s fast-growing ice cream sector, The Magnum Ice Cream Company B.V. has announced the signing of a share purchase agreement to acquire a 61.9% stake in Kwality Wall’s India Ltd (KWIL) from the Unilever Group. This follows a broader restructuring under Unilever’s Growth Action Plan aimed at spinning off its ice cream segment into a standalone listed entity.
Hindustan Unilever Limited (HUL), the Indian subsidiary of Unilever headquartered in Mumbai, had earlier announced its in-principle decision to demerge its ice cream business to improve operational efficiency. As part of the transaction, HUL shareholders will receive proportionate shares in the new independent ice cream entity.
Once the demerger and listing are complete, Magnum HoldCo, a Netherlands-based investment arm of Magnum Ice Cream, will acquire the 61.9% stake in KWIL and initiate an open offer for the remaining shares held by the public.
In a regulatory exchange filing, the company stated:
The Magnum Ice Cream Company HoldCo 1 Netherlands B.V. (‘Magnum HoldCo’) and The Magnum Ice Cream Company B.V. have announced the execution of a share purchase agreement (‘SPA’), pursuant to which Magnum HoldCo will acquire all of the KWIL shares to be issued to the Unilever Group Shareholders.”
The move is part of Unilever’s broader Growth Action Plan (GAP) initiated in October 2023, which focuses on higher-quality growth, productivity, and simplification. According to Unilever, the ice cream business—comprising major global brands like Wall’s, Magnum, and Ben & Jerry’s—operates under different dynamics due to supply chain complexity, seasonality, and higher capital requirements. The separation is expected to drive better growth and value creation for both Unilever and the newly independent ice cream entity.
In a statement, Unilever had previously remarked,
Ice Cream has a very different operating model, and as a result, the board has decided that the separation of Ice Cream best serves the future growth of both Ice Cream and Unilever.”
This acquisition marks a significant consolidation in India’s FMCG and frozen dessert sectors and strengthens Magnum’s position in one of the world’s fastest-growing ice cream markets.
