Singapore-based Private equity firm Temasek is acquiring a 19.99 percent stake in Godrej's subsidiary Godrej Agrovet(GAVL) for Rs 572 crore to support the latter's expansion plans.
The investment is a combination of primary and secondary investment with the primary investment intended to support GAVL's expansion plans.
Godrej Agrovet (GAVL), a subsidiary of Godrej Industries, said today that Singapore based investment company, Temasek, will acquire 19.99 per cent stake for Rs 572 crore.
GAVL is engaged in manufacturing agriculture and poultry based products. The company is known for brands such as Real Good Chicken and Yummiez brands.
The company operates in 4 business areas-Agri Input, Animal Feed, Oil Palm & Plant Biotech and Godrej Tyson Foods.
"We are aggressively expanding rural distribution, increasing our manufacturing capacities, and launching cutting edge technologies for farmers. We look forward to partnering with Temasek to further accelerate our performance," said Balram Yadav, MD, Godrej Agrovet.
In January this year, Godrej Consumer Products had announced that Temasek will pick a 4.9 percent stake in the fast moving consumer goods company for Rs 685 crore.