Magnum Ice Cream Netherlands takes control with 61.9% stake in Kwality Wall’s India

Kwality Wall’s board recorded the transfer of a 61.9% promoter stake to The Magnum Ice Cream Company HoldCo 1 Netherlands B.V., marking a change in control and board appointments.

By Navneet Singh

Kwality Wall’s (India) Limited said on Monday, March 30, its board has taken on record the transfer of a 61.90% equity stake by existing promoters to The Magnum Ice Cream Company HoldCo 1 Netherlands B.V., as per a Share Purchase Agreement dated June 25, 2025.

The transaction involved the acquisition of approximately 145.44 crore shares (145,44,12,858 equity shares) from promoter entities, including Unilever PLC and its group companies, completed on March 30, 2026.

Following the purchase, The Magnum Ice Cream Company HoldCo 1 Netherlands B.V. gained control and is now classified as the company’s promoter under applicable regulations.

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The board also noted the resignation of Ritesh Tiwari as Additional (Non-Executive and Non-Independent) Director, effective from the conclusion of the meeting. It approved the appointments of Abhijit Bhattacharya as Additional Director and Chairperson, and Tahir Toloy Tanridagli as Additional Director, both effective March 30, 2026, subject to shareholder and statutory approvals.

The company's net loss had widened to ₹178.4 crore in the December quarter from a net loss of ₹100.2 crore in the previous quarter.

Financially, Kwality Wall’s reported a widened net loss of ₹178.4 crore in Q3, against ₹100.2 crore in the prior quarter, on revenue of ₹223.4 crore, down 30.5% sequentially. EBITDA loss rose to ₹64.27 crore from ₹56.29 crore.

Shares of Kwality Wall’s (India) Limited ended lower on Monday, falling 3.39% to ₹22.80 on the NSE, down ₹0.80 from the previous close, on March 30, 2026.