New Delhi, Jan. 21 -- Hatsun Agro Product Ltd has agreed to acquire Milk Mantra Dairy Pvt. Ltd in a transaction that provides an exit window to State Bank of India's Neev Fund, Aavishkaar Capital, and Eight Road Ventures.
Mumbai-listed Hatsun, the company behind popular brands such as Arun Ice Creams and Hanobar Chocolates, will acquire Bhubaneshwar-based Milk Mantra for Rs 233 crore (about $27 million), it said in a stock-exchange filing on Tuesday.
Hatsun Agro, which has a stronghold in southern states, said that the acquisition will help widen its reach to the eastern part of the country. "This acquisition strengthens HAP's (Hatsun Agro Product) presence in Odisha and the eastern India dairy market and underscores its mission of delivering fresh, high quality dairy products to customers," it said.
Milk Mantra retails its dairy products, including packaged milk, probiotic curd, curcumin-based milkshakes and other products under the Milky Moo brand. It swung to a profit in 2023-24 from a loss in FY23, VCCircle reported earlier.
Milk Mantra's standalone revenue in FY24 was Rs 276.4 crore, up marginally from the preceding fiscal year, while profit after tax was Rs 9.8 crore compared with a loss of Rs 12.3 crore the previous year.
Published by HT Digital Content Services with permission from VC Circle.