MAM
Shekhar Banerjee moves to Wavemaker India as managing partner
MUMBAI: Shekhar Banerjee, the erstwhile COO at Madison Media, has joined Wavemaker India as managing partner with immediate effect.
Banerjee will be filling the vacant chair of Anand Chakravarthy, who was appointed as the managing director of Essence India.
At Wavemaker, Banerjee will report to Wavemaker India MD Kartik Sharma.
Banerjee had joined Madison in 2004 as COO and handled key accounts such as Asian Paints, ITC and Marico.
Last year, GroupM Wakemaker was created from the merger of Maxus and MEC. The agency is number two in India in terms of size and has over 700 employees with a service portfolio of clients including FMCG giant ITC and L’Oréal.
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Brands
Magnum Ice Cream Netherlands takes control of Kwality Wall’s India from Unilever
61.9 per cent stake transfer reshapes ownership as Unilever exits promoter role
MUMBAI: Kwality Wall’s (India) Limited has entered a new chapter, with The Magnum Ice Cream Company HoldCo 1 Netherlands B.V. acquiring a controlling 61.9 per cent stake from a clutch of Unilever PLC-led entities, marking a significant shift in ownership.
The transaction, completed on March 30, 2026, follows a share purchase agreement signed in June 2025. The incoming promoter picked up over 145 crore equity shares, effectively taking control of the company and being formally classified as its new promoter under regulatory norms.
As part of the deal, the outgoing promoter group, including Unilever Group Limited and its affiliated entities, has fully exited its shareholding in the company. They have now been reclassified from promoter to public shareholders, closing a long-standing association with the ice cream business in India.
The board of Kwality Wall’s (India) Limited took note of the ownership change and approved a series of leadership updates alongside it. Ritesh Tiwari stepped down as director, while Abhijit Bhattacharya was appointed as chairperson and additional non-executive director. Tahir Toloy Tanridagli also joined the board as an additional non-executive director.
The reshuffle signals a broader strategic reset as the Magnum-led entity looks to steer the brand’s next phase of growth in India. The transition has been carried out in line with regulatory requirements, including disclosures tied to the open offer and reclassification norms under market regulations.
With Unilever stepping back and Magnum stepping in, Kwality Wall’s India is effectively getting a fresh scoop of leadership and direction. The coming months will reveal how the new promoter plans to scale the brand in one of the world’s most competitive ice cream markets.
