Godrej Agrovet on Tuesday decided to acquire the residual 48.06 per cent stake in Hyderabad-based milk procurement and processing company Creamline Dairy Products for Rs 930 crore. The city-based Godrej Agrovet’s board decided to acquire the stake to make the Creamline, which is also into manufacturing and selling of milk and its products under the ‘Godrej Jersey’ brand, into a wholly owned subsidiary against cash, as per an exchange filing.
Godrej Agrovet already owns 51.94 per cent of Creampie, and the new deal involves signing of a share purchase agreement to acquire a 47.38 per cent equity stake from the original promoters of Creamline, it said.
The company had a turnover of Rs 1,540 crore for the financial year ended March 31, 2024.
The transaction will be completed by the end of September this year, it said.
Godrej Agrovet shares closed 1.35 per cent down at Rs 735.65 apiece on BSE.
