India: Hatsun Agro acquires Milk Mantra

Hatsun Agro (HAP), a dairy products manufacturer, has announced the acquisition of Indian peer Milk Mantra for 233 crore INR ($27.5 million).

Milk Mantra manufactures milk and dairy products under the Milky Moo brand, and has reportedly established a strong presence in the state of Odisha. The company’s turnover for the financial year 2023-24 was 276.42 crore INR ($33.17 million).

In a stock exchange filing, HAP said: “The acquisition is in line with the HAP’s strategic intent of entering into new geographical markets. The business carried on by the Target Company is similar and complimentary to the business carried on by HAP”.

“This acquisition strengthens HAP’s presence in Odisha and the Eastern India dairy market and underscores its mission of delivering fresh, high quality dairy products to customers”, the company added in its filing. “It also gives scope to tap our existing North Andhra Pradesh market and potential markets like West Bengal and adjoining States”.

HAP noted Milky Moo would join a brand portfolio already comprising Arun, IBACO, Hatsun and Arokya.

Source: Hatsun Agro