Anil group buys Siddhi Vinayak for Rs 46 cr

Siddhi Vinayak Agro has a capacity of 150 TPD Grind and is based in Chindwara, Madhya Pradesh

Anil Limited, the flagship company of the Anil group, announced on Tuesday the acquisition of the assets and business of Siddhi Vinayak Agro Industries (SVAIPL), a corn wet milling company, for Rs 46 crore, through wholly owned subsidiary Anil Lifesciences Limited.

SVAIPL has a capacity of 150 TPD Grind and is based in Chindwara, Madhya Pradesh.

Amol Sheth, Chairman & Managing Director, Anil Ltd, said: “The acquisition is part of our strategy to grow the Common Warehouse Metamodel (CWM) business organically and inorganically and be multi-locational. It brings in a number of strategic advantages apart from providing accelerated growth avenues. The unit is strategically located in a corn belt in central India providing access to north, east and south markets. The acquisition is expected to add Rs 100-crore-plus to the top line.”

Group Director Anurag Kothawala said, “The acquisition will add significant value to the corn wet milling business and enhance our market reach.”

Nrupesh Shah, Senior Partner, Nrups Consultant LLP, a Ahmedabad-based investment banking firm that acted as financial advisor, said: “SVAIPL is an excellent strategic fit for Anil”.

Anil plans to immediately invest another Rs 20 crore to ensure full capacity utilisation and for augmenting the product-mix of the unit. Anil has received all the necessary approvals for acquiring the assets.

More than seven decades ago, the group through its flagship company, Anil Limited, pioneered the corn wet milling industry in India. The company subsequently added a lot of value-added products in its product portfolio. Today the group is known for its value-added starch products, bio-industrial products like enzymes, gluconates and bio-feeds. The group has been catering to various industries like food, pharmaceuticals, paper, textile and feeds.