Lactalis makes third India acquisition

Lactalis makes third India acquisition
Lactalis makes third India acquisition

French dairy multinational Groupe Lactalis has agreed to acquire the milk products business of Prabhat Dairy Ltd for $239 million (Rs 1,700 crore) in its third takeover deal in the country. Lactalis, via wholly owned subsidiary Tirumala Milk Products Pvt. Ltd, will buy Prabhat Dairy′s unit Sunfresh Agro Industries Pvt. Ltd. Mumbai-listed Prabhat Dairy said in a stock-exchange filing that it now intends to develop its cattle feed business in various parts of the country and expand into allied businesses such as animal nutrition and animal genetics. The acquisition is subject to customary conditions precedent, including approval from the Competition Commission of India, and other conditions precedent. Lactalis had struck its first India deal in early 2014 when it bought Tirumala. In 2016, it acquired the dairy business of Indore-based Anik Industries for $70 million (Rs 470 crore). Lactalis, which offers products such as cheese and butter, has a presence in more than 120 countries.

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