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Hatsun Agro Product Limited (HAP), a dairy company, has bought all the shares of Milk Mantra for Rs 233 crore ($27.5 million).
This move aims to strengthen HAP’s presence in the Eastern India dairy market, especially in Odisha, where Milk Mantra’s brand, ‘Milky Moo,’ is well-known.
The acquisition will be carried out through a series of agreements with Milk Mantra’s current promoters and shareholders. After the acquisition, Milk Mantra will become a fully-owned part of Hatsun Agro.
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"The business carried on by Milk Mantra Dairy is similar and complimentary to the business carried on by HAP. It also gives scope to tap our existing North Andhra Pradesh market and potential markets like West Bengal and adjoining States," Hatsun said in a statement.
About Milk Mantra
Established in 2009, Bhubaneshwar-based Milk Mantra offers products like milk, curd, cottage cheese, buttermilk and cattle feed, among others.
The acquisition appears to be a slump sale since Milk Mantra reported a revenue of Rs 276.42 crore in FY24, while the purchase price is Rs 233 crore. The company, based in Bhubaneswar, also made a profit of Rs 9.78 crore last year. However, its revenue has stayed almost the same over the past three years.
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