Nuffoods Spectrum India

Keventer Agro raises funds for agro food growth

19 September 2017 | News | By NFS Correspondent

The Rs 800-crore Keventer Agro Ltd (KAL), the flagship enterprise of the Rs. 1,800- crore Keventer Group has raised capital worth $25 million (approximately Rs. 170 crore) from Mandala Capital, a private equity (PE) firm with primary investment interests in the food and agri-business sectors in India.

 

Baker Tilly DHC, the Indian arm of a leading global accountancy and business advisory services company, was the transaction adviser of this deal, while Fox Mandal and DSK Legal were the legal advisors to KAL and Mandala Capital, respectively.

 

The move will mark a significant development in the agro food processing sector in India and boost foreign direct investment (FDI) in West Bengal. KAL will utilise the capital raised for its future expansion plans, which will help fuel its growth story further.

 

The company has revamped its business strategy, and to this effect, its governing board has rearranged the key functions of its top management. Mayank Jalan was recently designated as its chairman and managing director. He would also play a pivotal role in taking forward Metro Dairy’s growth agenda as its chairman.

 

Mandala Capital currently holds a portfolio which includes organisations across the spectrum of food-related businesses, such as seeds, biotechnology, sugar, biochemicals, irrigation, food processing, solar energy, agro-financing, logistics and cold chain, dairy, beverages and fresh produce.

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