International Finance Corporation (IFC), the private-sector investment arm of the World Bank, is considering making an investment in India’s Dodla Dairy.
Reports in India have suggested a deal has already been done but the IFC told just-food that while it is considering the investment – debt funding of US$15m – nothing has been finalised as yet.
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An IFC spokesperson said: “We are yet to invest in Dodla Dairy. It is a potential investment under consideration with our board.”
The IFC has disclosed the potential deal on its IFC Disclosure Portal.
Dodla Dairy, which counts US private-equity firm TPG Growth as its backer markets milk and value-added dairy products such as curd, ghee, butter, flavoured milk and ice cream. It gets about two-thirds of its revenue from milk and the remaining from dairy products.
It operates under the brand names Dodla Dairy and Dairy Top.
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By GlobalDataHyderabad-based Dodla has factories in Andhra Pradesh, Telangana, Karnataka and Tamil Nadu in Indian and also runs operations in Uganda and Kenya.
In its disclosure, the IFC said if an investment were to happen, Dodla planned to use the proceeds to expand and upgrade its existing manufacturing infrastructure by purchasing new equipment for select processing plants.
It would also use the money for marketing and brand-building purposes.
