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| Avantha food division to get $10 mn PE funds |
| Press Trust of India / New Delhi Mar 14, 2010, 18:18 IST |
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Private equity group India Agri Business Fund will invest $10 million (about Rs 48 crore) to pick up around 22 per cent stake in Gautam Thapar-promoted Avantha Group's food division Global Green Company.
The fund will invest another $40 million this year in food and agri sector, said Rajesh Srivastava, chairman & Managing director, Rabo Equity Advisors, the sponsor of the $100 million fund.
The investment in Global Green Company will be used to expand the company's domestic business, which is primarily into exports market currently, he said.
Global Green has rapidly grown to be one of the largest suppliers of processed fruits and vegetables out of India, with processing facilities in India, Hungary, Belgium and an associated facility in Turkey.
The $130 million (around Rs 600 crore) company primarily focuses on exports market.
"Through this fund, the company will expand its activities in the domestic market and build its brand," Srivastava said.
With $10 million investment, the fund's total investment in various companies in India stands at $35 million (around Rs 160 crore).
Rabo Equity Advisors is a subsidiary of Rabobank of The Netherlands, which is one of the largest Banks in the world with a balance sheet size of over $700 billion.
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