Kwality Wall's (India) Limited Announces Leadership Changes and Promoter Shift
Kwality Wall's (India) Limited announced significant changes in its board and promoter structure on March 30, 2026. The changes follow a share purchase agreement executed on June 25, 2025, between Magnum Ice Cream Company Holdco 1 Netherlands B.V. (the incoming promoter) and Unilever PLC, Unilever Group Limited, Unilever Overseas Holdings AG, Unilever UK&CN Holdings Limited, Unilever South India Estates Limited, Unilever Assam Estates Limited, and Unilever Overseas Holdings B.V. (the outgoing promoters).Magnum Ice Cream Company Holdco 1 Netherlands B.V. acquired 145,44,12,858 equity shares, representing 61.90% of the company’s equity share capital, from the outgoing promoters.
Board Composition Changes
The company’s board has undergone several changes following the completion of the transaction. Mr. Ritesh Tiwari resigned as an Additional (Non-Executive and Non-Independent) Director with effect from the conclusion of the board meeting.
To fill the vacancies, the board approved the appointment of Mr. Abhijit Bhattacharya as an Additional (Non-Executive and Non-Independent) Director and Chairperson of the Board. Mr. Bhattacharya is the Chief Financial Officer of The Magnum Ice Cream Company N.V. He previously served as Chief Financial Officer for Unilever Ice Cream since 2024. The board also appointed Mr. Tahir Toloy Tanridagli as an Additional (Non-Executive and Non-Independent) Director. Mr. Tanridagli is currently President, responsible for the South Asia, Greater Africa, Turkey, and Middle East region at Magnum Ice Cream.
Promoter Reclassification
As a result of Magnum Ice Cream Company Holdco 1 Netherlands B.V.'s acquisition of the shares, the company has classified it as the 'promoter' and reclassified the outgoing promoters to the 'public' category, effective March 30, 2026.
The Board meeting commenced at 6:25 P.M. (IST) and concluded at 7:00 P.M. (IST).
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