Hatsun Agro Product (HAP), one of India’s leading dairy companies, has announced its acquisition of a 100% stake in Milk Mantra Dairy for a total cash consideration of Rs 233 crore.
As part of this strategic acquisition, HAP has entered into share purchase agreements and other transaction documents with the existing promoters and shareholders of Milk Mantra Dairy.
The completion of this acquisition is contingent upon the fulfillment of various customary conditions precedent in the SPA, and other transaction documents / agreements. Further, upon successful completion of acquisition of 100% of the issued and paid up share capital, the target company will become a Wholly-Owned Subsidiary of the company.
The acquisition is in line with the HAP’s strategic intent of entering into new geographical markets. The business carried on by the Target Company is similar and complimentary to the business carried on by HAP.
This acquisition strengthens HAP’s presence in Odisha and the Eastern India dairy market and underscores its mission of delivering fresh, high quality dairy products to customers. This acquisition is a natural progression of vision to scale company’s impact and innovation across a broader market. The cost of acquisition is Rs 233 crore.
Hatsun Agro Product, India’s largest private sector dairy, sells liquid milk under the brand name Arokya, ice creams under the brand Arun Icecreams, and a wide range of dairy products under the brand Hatsun.
