Godrej Agrovet to sell 20% stake for Rs 572 cr to Temasek
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Singapore's Temasek will buy 20 per cent stake in Godrej Agrovet Limited (GAVL), a subsidiary of Godrej Industries Limited (GIL), for Rs 572 crore to fund the unit's expansion plans.
This is Temasek's second investment in India's Godrej Group this year after it invested $136 million for a 4.9 per cent stake in Godrej Consumer Products Ltd early this year.
The agriculture business unit has generated Rs 2,460 crore in sales during the financial year ended March 2012. The company has interests in animal feed, oil palm, agri-inputs and poultry, Godrej Industries said in a statement. The investment will be a combination of primary and secondary investment with the primary investment intended to support GAVL's future expansion plans.
Nadir Godrej, chairman of GAVL, said: "We believe that their (Temasek) global credentials, knowledge of agri-business and excellent track record will be beneficial to GAVL. Godrej Agrovet has been a tremendous source of value creation for GIL and continues to be on a strong revenue and profit trajectory, while delivering excellent returns on capital employed. Indian agriculture is at an inflection point and with GAVL's focus on R&D and operational excellence, we believe that the future looks very bright for the business."
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