IDFC PE invests Rs 155 crore in Parag Milk Foods
IDFC Private Equity, a unit of Infrastructure Development Finance Co, has invested about 1.55 billion rupees in private dairy firm Parag Milk Foods, the companies said.
IDFC Private Equity, a unit of Infrastructure Development Finance Co, has invested about Rs 155 crore in private dairy firm Parag Milk Foods, the companies said.
The proceeds from the deal will be used to expand capacity and strengthen Parag's procurement infrastructure. Parag processes close to 1.1 million litres of milk per day in its two plants.
The transaction will also mark a partial exit for another domestic private equity fund, Motilal Oswal Private Equity, a unit of brokerage Motilal Oswal, which invested in Parag in 2008, the companies said in a statement.
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Companies with cash will be in a better position to acquire others and ensure consolidation through M&A deals.
The stake sale, the latest among a slew of such deals this year on the back of a surge in the Indian stock markets, marks the exit of Warburg Pincus from Kotak Mahindra Bank