Indian dairy Milk Mantra has acquired local peer Westernland Dairy in a US$1.6m deal.
The acquisition is the first for Orissa-based Milk Mantra, set up five tears ago. It said the deal will allow it access to the central state of Chhattisgarh and the state of Jharkand in the east, as well as further expansion opportunities in Orissa.
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“This acquisition gives us the ability to increase our immediate processing capacity in western Orissa and other states, where we can extend our Milky Moo brand,” Srikumar Misra, managing director and chief executive for Milk Mantra, said.
Milk-Mantra is backed by investment firm Aavishkaar and private-equity company Fidelity Growth Partners India. At present it is working on launching dairy-based value added products such as functional milkshakes and probiotic drinks as well as boosting capacity at its current facility.
“We are in the process of augmenting our processing facility to 2.5 lakh litres per day, up from 75,000 litres per day,” said Misra. “This should be complete by mid-2015.”
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