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This acquisition is in line with Hatsun Agro’s strategy to expand into Odisha and eastern India
Hatsun Agro Product Ltd has announced its acquisition of a 100 per cent stake in Milk Mantra Dairy Pvt Ltd. This strategic decision, approved by the board, enhances Hatsun Agro’s presence in the eastern Indian dairy market.
According to NSE filling, the total purchase consideration for the acquisition is Rs233 crore. As of January 20, Milk Mantra Dairy’s paid-up share capital stands at Rs4.77 crore, which consists of 31.69 lakh equity shares and 16.06 lakh compulsorily convertible preference shares. Hatsun Agro has entered into share purchase agreements with its existing promoters and shareholders, thereby making Milk Mantra Dairy a wholly-owned subsidiary.
Founded in 1956, Milk Mantra Dairy markets and sells dairy products under the ‘Milky Moo’ brand, primarily in Odisha. The company has demonstrated consistent turnover growth, reporting revenues of Rs 276.42 crore in FY24, Rs 272.91 crore in FY23, and Rs 262.1 crore in FY22.
This acquisition aligns with Hatsun Agro’s plans to expand into Odisha and eastern India, while also tapping into potential markets such as North Andhra Pradesh and West Bengal. The addition of the Milky Moo brand complements Hatsun Agro’s portfolio, which includes brands like Arun, IBACO, Hatsun, and Arokya.