Godrej Industries on Monday said Singapore-based investment firm Temasek is acquiring a 19.99 percent stake in its subsidiary Godrej Agrovet for about Rs 572 crore.
Godrej Agrovet is a diversified agri-business company with interests in animal feed, palm oil, agri-inputs and poultry. It had sales of Rs 2,460 crore in financial year 2012.
The investment by Temasek will be a combination of primary and secondary investment, with the primary investment intended to support Godrej Agrovet's future expansion plans, Godrej Industries said.
"We are aggressively expanding rural distribution, increasing our manufacturing capacities, and launching cutting edge technologies for farmers. We look forward to partnering with Temasek to further accelerate our performance," said Balram Yadav, MD, Godrej Agrovet.
This is not the first time that Temasek is partnering with the Godrej group.
In January this year, Godrej Consumer Products had announced that Temasek will pick a 4.9 percent stake in the fast moving consumer goods company for Rs 685 crore.
Godrej Industries shares closed down 1.4 percent at Rs 307 on NSE on Monday. The announcement was made after markets closed.
Also Read: Expect better growth rate going ahead, says Godrej Consumer
Nachiket Kelkar
nachiket.kelkar@network18online.com
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