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The agri-business subsidiary of Godrej Industries Ltd, Godrej Agrovet Ltd has bought a majority stake in Israeli bio-tech firm Maxximilk Pvt Ltd. The company has picked up 51% stake in Maxximilk, which became its subsidiary as part of the deal.
Godrej Agrovet, which made its public market debut in October 2017, is a diversified, research- and development-focused agri-business of the 120-year-old Godrej Group.
The company produces 1.1 million tonnes of feed and nutritional products for dairy cattle, poultry and aquaculture annually. It also has palm oil plantations and makes hybrid seeds.
Maxximilk specialises in in-vitro production of high-quality embryos that aid dairy farmers produce top-quality milk, thus increasing their yield by a significant proportion. The company claims that its embryos are genetically predisposed to withstand hot weather conditions.
Godrej Agrovet is backed by Singapore state investment firm Temasek, had in the past made two acquisitions – Maharashtra-based Astec Life Sciences and Hyderabad-based Creamline Dairy.