French dairy giant Lactalis has entered India with the acquisition of local processor Tirumala Milk Products.
A spokesperson confirmed the deal to just-food yesterday (7 January) but could not comment further. It followed months of speculation linking Lactalis to the business. In November, Tirumala confirmed Lactalis’s French rival Danone had made a bid for the company.
Go deeper with GlobalData
Tirumala is one of the largest dairy processors in southern India. The Hyderabad-based company processes and markets products including milk, butter, [Indian cheese] paneer and ice cream. It turned over INR14.2bn (US$228.7m) in 2012-13, 21% higher than in the previous year.
The group was majority-owned by its founders, with private-equity firm Carlyle owning a minority stake.
Milk production in India is increasing annually by about 4%, while internationally the growth rate is 1.2% to 1.3%.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
