Speculation over the future ownership of Indian dairy firm Tirumala Milk Products is intensifying, with Danone and Lactalis reported to have made offers to take control of the business.
Rumours over Tirumala first emerged last year but last month it was reported in India private-equity firm Carlyle Group, which owns 20% of the business, wanted to sell its shares and had hired Barclays to help offload the stake. Carlyle, however, refused to comment.
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On Tuesday, The Times of India reported three companies – Danone, Lactalis and private-equity firm TPG Capital – had tabled offers for a controlling stake in Tirumala, which the newspaper said has annual sales of around INR15bn.
Requests for comment from Danone and Lactalis went unanswered today (11 July). However, speaking to just-food, an unnamed official at Hyderabad-based Tirumala said “people from different parts of the world” had met the company “looking to acquire” the business. “Nothing is decided yet,” the official said, refusing to be drawn on whether the interested parties included Danone and Lactalis.
The Times of India report also said another private-equity firm, Advent International, had met the company to look into whether to make a bid.
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