Magnum Ice Cream Acquires Majority Stake in Kwality Wall’s India, Becomes New Promoter
Magnum Ice Cream Company Netherlands BV has acquired a 61.9% majority stake in Kwality Wall’s India Ltd (KWIL), marking a significant change in the company’s promoter structure. According to a regulatory filing, the transaction was completed on March 30, 2026, with the incoming promoter purchasing shares from the outgoing promoters in compliance with applicable laws and the agreed Share Purchase Agreement (SPA).
Following the acquisition, Magnum Ice Cream Company Netherlands BV has assumed control of KWIL and is now officially classified as a “promoter” under listing regulations. Meanwhile, the previous promoters, Unilever PLC, have been reclassified from the promoter category to the public category. The deal, originally formalized through an SPA signed on June 25, 2025, involved the acquisition of approximately 145.44 crore equity shares, representing 61.9% of KWIL’s total equity share capital.
In addition to the ownership transition, KWIL has announced key leadership changes. Abhijit Bhattacharya has been appointed as an Additional (Non-Executive and Non-Independent) Director and will serve as Chairman of the board. At the same time, Ritesh Tiwari has stepped down from his role as an Additional Director, signaling a broader restructuring at the top level following the acquisition.
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