Indian agri-food group Godrej Agrovet has struck a deal to become the sole owner of local dairy business Creamline Dairy Products.
The publicly listed company, which already owned just over 51.9% of Creamline, is to pay Rs9.3bn ($106.7m) for the remaining shares.
Godrej Agrovet, backed by Indian conglomerate Godrej Industries, first invested in Creamline in 2005. A decade later, the group took its shareholding in the Hyderabad-based business over 50%.
In Creamline’s 2024 fiscal year, the company generated sales of Rs15.73bn, up from Rs15.01bn 12 months earlier.
Creamline has operations spanning in the states of Telangana, Andhra Pradesh, Tamil Nadu, Karnataka and Maharashtra.
The group markets a range of dairy products, including ghee, paneer and milk drinks, under the Godrej Jersey brand name.
In the nine months to the end of December, Godrej Agrovet saw its revenues fall 2.4% year on year to Rs7.25bn.
Profit after tax increased 6.8% to Rs320m. The company reported better profits across its vegetable oils, poultry and animal-feed businesses.
Last year, Godrej Agrovet bought out US meat giant Tyson Foods from the companies’ Indian joint venture.
The joint venture was formed in 2008 and sold products under brands like Real Good Chicken and Yummiez, according to Godrej Agrovet’s website.
The venture had processing plants in Bangalore and Mumbai, as well as a separate production facility for its vegetarian products in Ladhowal, Ludhiana.
