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Kwality
The Indian ice cream market has grown four-fold in the last decade and is expected to reach Rs 45,000 crore in the next three years, according to data from the Indian Ice Cream Manufacturing Association (IICMA). Though seasonal in nature, it has witnessed huge growth helped by tailwinds such as rise in disposable incomes, changing consumer preferences, and expanding distribution channels. "India has seen a fourfold increase in ice cream consumption over the past ten years. In fact, this sector is projected to reach Rs 45,000 crore in the next 3 years and more than Rs 90,000 crore in the next 8 years," said the IICMA statement. Moreover, factors such as stability of prices for essential ingredients, such as milk solids and packaging materials, have enabled the ice cream manufacturers to maintain competitive pricing and enhance profitability. "Consumers are increasingly attracted to premium, health-oriented, and innovative flavours, leading brands to launch plant-based, low-sugar, an
The Enforcement Directorate on Friday said it seized Rs 1.3 crore in cash and "evidence" related to shell companies after it searched the former promoters of dairy major Kwality Ltd. as part of a Rs 1,400 crore alleged bank fraud linked money laundering case. Luxury cars and demat accounts valued at about Rs 6.5 crore have also been frozen under the provisions of the Prevention of Money Laundering Act (PMLA), it said in a statement. The federal agency raided 15 locations in Delhi-NCR on November 27 in the case covering the premises of promoters and directors of the erstwhile company like Sanjay Dhingra and Siddhant Gupta apart from some "shell" (paper) companies related to them. Kwality Ltd. has been liquidated and is now with new owners. The ED case stems from a September 2020 CBI FIR filed against the said promoters and Kwality Limited, which was engaged in the processing and trading of milk, ice creams and other dairy products. The CBI FIR alleged that the said erstwhile compan