Godrej Agrovet on March 11 announced that it has approved the acquisition of the remaining 48.06 percent stake in Creamline Dairy Products Limited (CDPL). After the acquisition, Creamline Dairy Products is set to become a wholly- owned subsidiary of the company.
In an exchange filing released in the post market hours of March 11, Godrej Agrovet said that the remaining stake in the Hyderabad-based dairy company will be bought for a total cash consideration of Rs 930 crore. CDPL is principally engaged in milk procurement, processing of milk and manufacturing and selling of milk and milk products under the brand name ‘Godrej Jersey’.
Godrej Agrovet said the acquisition is set to be completed on or before September 30 this year, after which the company will own all 1.13 crore shares of the dairy company.
Creamline Dairy Products was incorporated in 1986 and had a turnover of over Rs 1,540 crore in the financial year 2023-2024, the exchange filing read.
Along with the announcement about the acquisition, Godrej Agrovet also announced the appointment of YV Sathish as the head of manufacturing and supply chain excellence of the company, with effect from March 24. This comes after the early superannuation of Prafulla Bhat, as approved by the board on March 10.
Currently, Sathish heads the operations at Unilever’s Sumerpur factory, its largest site in South Asia. “Prior to joining Unilever, Mr. Sathish spent over a decade at GSK and Prudential Sugar Corporation, where he worked in engineering, utilities, and maintenance roles, further honing his technical and leadership skills,” the statement read.
Godrej Agrovet shares closed in the red with marginal losses at Rs 735.65 on March 11. Notably, the exchange filing was released in the post market hours of March 11. The stock will be kept under active watch when the market reopens on March 12.
