In India, Lotte Chairman Shin Dong-bin met with Reliance Group Chairman Mukesh Ambani.

<이미지를 클릭하시면 크게 보실 수 있습니다>

Shin Dong-bin, chairman of South Korean retail giant Lotte Group, marked India as his first business trip destination of this year and attended the completion ceremony of Lotte Wellfood Co.’s new factory.

Lotte Wellfood held the inauguration ceremony for its new Havmor Pune plant in western India on Thursday.

The ceremony was attended by Chairman Shin, Lotte Food Group CEO Lee Young-gu, Lotte Wellfood CEO Lee Chang-yeop, Lotte Holdings Future Growth Office Chief Shin Yu-yeol, Maharashtra Deputy Chief Minister Devendra Fadnavis, and Korean Ambassador to India Lee Seong-ho.

During his speech, Shin said that since acquiring Havmor, an established ice cream brand in India, Lotte has achieved remarkable growth in line with the country’s rapid economic expansion.

He emphasized that the new factory would serve as a key milestone in Lotte’s global food business, adding that the company aims to make Havmor the most beloved ice cream brand in India by delivering top-quality products.

Food and retail remain core pillars of Lotte Group’s business, and the chairman’s visit to India signals a strong commitment to strengthening the company‘s core competitiveness.

At the Lotte Value Creation Meeting held in January, Shin underscored the need for fundamental structural improvements, saying that the group‘s biggest challenge stems not from external factors but from declining competitiveness in its core businesses.

He also stressed that with Korea’s domestic economy and demographic trends, expanding into overseas markets should be Lotte’s top priority.

Shin called for a thorough analysis of global markets, differentiated business strategies, and active investments in new global ventures to bolster the group‘s international competitiveness.

With a 14 billion-strong population, India presents a significant growth opportunity for Lotte, particularly in the 17 trillion won ($11.6 billion) confectionery market.

Lotte first entered India in 2004 and currently operates two subsidiaries: Lotte India, which oversees confectionery production, and Havmor, which handles ice cream operations.

In 2023, Lotte Wellfood’s India-based revenue reached 270 billion won.

The Pune plant is Lotte Wellfood’s first expansion project since it acquired Havmor in December 2017.

The new facility spans 60,000 square meters, equivalent to eight football fields, and incorporates advanced automated production systems from Korea to enhance efficiency.

The company expects its ice cream sales to grow by over 15 percent this year due to improved production capacity. Currently operating nine production lines, the Pune plant is set to expand to 16 lines by 2028.

Havmor will also increase production of Lotte-branded products in India. The company already manufactures World Cone at its Gujarat plant and plans to introduce Crispy Crunch Bar, Jaws Bar, and Subak Bar at the Pune facility within this year.

Lotte aims to continuously expand production of its branded products to strengthen its market presence in India and other global markets.

Lotte Wellfood is also set to launch a merged entity combining Lotte India and Havmor in the first half of this year.

During his trip, Chairman Shin held meetings with top executives of leading Indian conglomerates, including Mukesh Ambani of Reliance Group and Anand Mahindra of Mahindra Group, to discuss business opportunities and potential collaborations.