Godrej Agrovet to Acquire Remaining Stake in Creamline Dairy
Godrej Agrovet aims to gain full ownership of Creamline Dairy by acquiring a 48.06% stake for Rs 930 crore.
Shares of Godrej Agrovet will draw attention on Wednesday following the announcement of its acquisition of the remaining 48.06% stake in Hyderabad-based Creamline Dairy Products (CDPL) for Rs 930 crore. This strategic move aims to make Creamline a wholly owned subsidiary, further consolidating Godrej Agrovet's position in the dairy sector.
Currently owning a 51.94% stake, Godrej Agrovet plans to sign a share purchase agreement to acquire the 47.38% equity stake from Creamline's original promoters. The transaction is anticipated to be finalized by the end of September. CDPL, established under the Companies Act of 1956, is headquartered in Hyderabad and is a prominent player in milk procurement, processing, and sales in southern India.
Currently owning a 51.94% stake, Godrej Agrovet plans to sign a share purchase agreement to acquire the 47.38% equity stake from Creamline's original promoters. The transaction is anticipated to be finalized by the end of September. CDPL, established under the Companies Act of 1956, is headquartered in Hyderabad and is a prominent player in milk procurement, processing, and sales in southern India.
For the fiscal year ending March 31, 2024, Creamline Dairy reported a turnover of Rs 1,540 crore. The financial markets reacted positively, with Godrej Agrovet shares rising 43.63% over the past year, outperforming its sector significantly.
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