Appointment of Mr Abhijit Bhattacharya as Chairperson of the company w.e.f. March 30, 2026.
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Magnum Ice Cream Company Holdco 1 Netherlands B.V. has completed the acquisition of a 61.90% stake (about 145.44 crore equity shares) in Kwality Wall's (India) from Unilever group entities, pursuant to the Share Purchase Agreement dated June 25, 2025. As a result, the Magnum entity has been classified as the new promoter and acquired control, while the Unilever-group sellers have been reclassified as public shareholders. Existing director Ritesh Tiwari resigned from the board with effect from the close of the March 30, 2026 meeting, citing the change in control. The board approved the appointment of Abhijit Bhattacharya, CFO of The Magnum Ice Cream Company N.V. and former CFO of Philips, as Additional Non-Executive Director and Chairperson. It also appointed Tahir Toloy Tanridagli, President of the SAMET region at Magnum Ice Cream, as an Additional Non-Executive Director. Both appointments are subject to shareholder approval.
Kwality Wall's is now under the control of The Magnum Ice Cream Company (a Unilever spin-off) instead of the Unilever parent, marking a significant change in strategic direction and oversight. Shareholders should expect continuity in the ice cream business but with new global leadership driving decisions, and shareholder approval will be sought for the new directors at the next general meeting.