The Magnum Ice Cream Company N.V. (ENXTAM:MICC) entered into the Share purchase agreement to acquire 61.90% stake in Kwality Walls (India) Limited (NSEI:KWIL) from a group of shareholders for INR 30 billion on June 25, 2025. A cash consideration of INR 29.98 billion will be paid by The Magnum Ice Cream Company N.V. As part of consideration, INR 29.98 billion is paid towards common equity of Kwality Walls (India) Limited. In a related transaction, The Magnum Ice Cream Company N.V. proposed to acquire 26% stake in Kwality Walls (India) Limited (NSEI:KWIL) for INR 13 billion on February 16, 2026.

The transaction is subject to Fulfilment of certain conditions in the SPA (including the successful demerger of KWIL from HUL and listing of KWIL shares) and receipt of requisite statutory and other approvals; and Magnum HoldCo making an open offer to the public shareholders of KWIL for additional shares of KWIL in accordance with the Securities and Exchange Board of India Regulations, 2011.

Cyril Amarchand Mangaldas advised Kwality Wall?s (India) Limited in relation to listing of its equity shares on BSE Limited and the National Stock Exchange of India Limited. Cyril Amarchand Mangaldas was also the sole transaction counsel to HUL for the demerger and listing of KWIL. Vineet Shingal, Sharad Abhyankar, Dinesh Kumar Agrawal, Avnish Sharma, Deepak Kumar, Nishad Nadkarni, Nishant Arora, Rahul Jain, Shabnam Shaikh, Shailendra Bhandare, Sudipta Bhattacharjee, Supratim Chakraborty, Sourav Dan of Khaitan & Co advised The Magnum Ice Cream Company Limited and Kwality Walls (India) Limited on demerger of HUL?s ice cream business and proposed listing of KWIL.

The Magnum Ice Cream Company N.V. (ENXTAM:MICC) completed the acquisition of 61.90% stake in Kwality Walls (India) Limited (NSEI:KWIL) from a group of shareholders on March 30, 2026.