Indian conglomerate Mahindra Group plans to enter the country’s dairy sector with the acquisition of an unnamed dairy for up to INR5bn (US$80.8m).
The company would not confirm the identity of the dairy nor its location but said it was likely to complete the deal in the current financial year, which started in April.
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Mahindra also said it would likely retain the acquired brand and would only launch its own brand if required.
Press speculation that Mahindra was looking to enter the dairy sector began in August, but at the time a spokesperson would not confirm nor deny plans.
India is the world’s largest raw milk producer, accounting for around 17% of global milk production. Consumption of dairy in India is rising and the market is estimated to be worth around US$70bn in annual sales.
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