Diary major Hatsun Agro has decided to acquire 100% stake in the Odisha-based Milk Mantra Dairy, which sells milk and milk products under the ‘Milky Moo’ brand, to expand its presence in the east.
Hatsun Agro has made the Rs 233-crore acquisition to enter into new geographical markets. “The business carried on by Milk Mantra Dairy is similar and complimentary to the business carried on by HAP,” a company statement said. “It also gives scope to tap our existing North Andhra Pradesh market and potential markets such as West Bengal and adjoining states,” Hatsun said in a statement to the media.
Hatsun has entered into share purchase agreements and other transaction documents / agreements with the existing promoters and shareholders of Milk Mantra Dairy. With a strong presence in Odisha, Milk Mantra Dairy had a turnover of Rs 276.42 crore in FY20-24. Milk Mantra had secured $10 million through a debt funding round in June 2020, media reports said.
The Milky Moo brand will an addition to Hatsun’s existing brands Arun, IBACO, Hatsun and Arokya. Hatsun Agro manufactures and markets dairy products such as milk, curd, ice creams, dairy whitener, skimmed milk powder, ghee, paneer, etc.
Hatsun’s net profit declined 28.7% to Rs 40.94 crore in Q3 FY25 as against Rs 57.40 crore in Q3FY24. Revenue from operations rose 6.5% to Rs 2,009.75 crore in the quarter ended 31 December 2024.
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Naresh Khanna – 10 February 2025
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