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May, 12 2014

Friesland to buy stake in Parag Milk

To buy 60-75 percent stake.

Friesland Campina, the Dutch dairy cooperative is in talks with the promoters and investors of Parag Milk Foods, the Pune based company, to buy 60-75 percent stake.

According to a person involved in the talk, "The promoters are expecting valuations higher than that of Tirumala. Talks are currently on around the valuations and the structure of the deal. The deal could peg the company's valuation at around $350 million (about Rs 2,100 crore)." 

Parag Milk Foods is among India's biggest milk producers with the capacity to produce one million litre a day and commanding about 2 percent of the country's total Rs 60,000 crore organised market. It also sells byproducts, such as whey protein and cheese to processed food makers in the country.  

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