Chennai: Hatsun Agro Product Ltd (HAP), a leading private sector dairy company, has reported a strong improvement in profitability for the September 2.

India Business News: CHENNAI: Dairy company Hatsun Agro Product (HAP) has acquired Milk Mantra Dairy and its brand 'Milky Moo' for Rs 233 crore.

Dairy firm Hatsun Agro Product (HAP) has completed its acquisition of Milk Mantra Dairy, gaining access to two processing facilities in Odisha and broadening its market reach in eastern India. This move will bolster its presence in northern Andhra Pradesh, West Bengal, and nearby states, enhancing its portfolio with the Milky Moo brand.

Hatsun Agro Product Ltd (HAP), a leading dairy company, has announced the completion of the acquisition of Milk Mantra Dairy and its innovative dairy brand "Milky Moo," known for its commitment to quality in milk procurement and sales, for Rs 233 crore. This strategic acquisition strengthens HAP's presence in the Eastern Indian dairy market and underscores its mission of delivering fresh, high-quality dairy products to customers. With this acquisition, HAP will start with a sizeable market share, a wide distribution and procurement network, and two strategically located processing facilities in Odisha, leveraging the Milky Moo brand's established strong market presence.

Hatsun Agro Product has been operating for over five decades, with more than 3,700 retail outlets, over 20 processing plants.

Hatsun Agro Product Limited (HAP), a dairy product manufacturer, has announced the acquisition of 100% of the share capital of Milk Mantra for Rs 233 crore ($27.5 million). This acquisition aims to strengthen HAP’s presence in the Eastern India dairy market, particularly in Odisha, where Milk Mantra’s brand, ‘Milky Moo’, has established a strong foothold, the company said in a stock exchange filing. The acquisition will be completed through a series of Share Purchase Agreements (SPAs) and other transaction documents with Milk Mantra’s existing promoters and shareholders. Post acquisition, Milk Mantra will become a wholly-owned subsidiary of HAP. Milk Mantra has raised nearly $35 million from the likes of Aavishkaar Venture Capital, Fidelity Growth Partners, Neev Fund, Eight Roads Ventures and US-based DFC . Established in 2009, Milk Mantra provides a range of products including milk, curd, cottage cheese, buttermilk, and cattle feed, among others. This acquisition seems to be a slump sale, given that Milk Mantra reported an operating revenue of Rs 276.42 crore in FY24, while the acquisition cost is Rs 233 crore.

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