IDFC PE invests $28.7m in Indian dairy firm
IDFC Private Equity has invested INR1.55 billion ($28.7 million) in Parag Milk Foods in what could be one of the largest PE transactions in the Indian dairy sector. The proceeds will facilitate a partial exit to Motilal Oswal Private Equity, which invested $14.1 million in the company four years ago.
The remaining capital will be used to expand capacity in various product lines. Parag, one of the leading private dairy companies in the country, distributes its products under the Gowardhan, GO and Pride of Cows brands. The company currently processes around 1.1 million liters of milk per day across two plants.
The investment was channeled through IDFC Private Equity Fund III, which held a final close in March 2008 on $700 million. The fund focuses on sectors include green infrastructure, healthcare, education and waste management.
"Parag Milk has created strong pan-India brands. It has strengths across procurement, processing and distribution which are unique among private sector dairy companies," said Girish Nadkarni, partner at IDFC Private Equity.
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