Anil Ltd acquires corn wet milling firm for Rs 46 crore

Starch maker Anil Ltd today announced the acquisition of corn wet milling (CWM) firm Siddhi Vinayak Agro Industries for Rs 46 crore.
Ahmedabad based, Anil Ltd through its subsidiary Anil Lifesciences has acquired assets along with the running business of Siddhi Vinayak Agro Industries Pvt Ltd (SVAIPL).
SVAIPL has a capacity of 150 tonnes per day grind and is based in Chindwara, Madhya Pradesh.
Anil Ltd is also planning to immediately invest another Rs 20 crore to ensure full capacity utilisation and for augmenting the product-mix of the unit, the company said in a statement.
Speaking about the acquisition of corn wet milling plant, Chairman and Managing Director Anil Ltd Amol Sheth said: "The acquisition is part of our strategy to grow the CWM business organically and inorganically and be multi-locational. It brings in a number of strategic advantages apart from providing accelerated growth avenues.

Sheth added that 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 more than Rs 100 crore to the top line.
Investment banking firm Nrups Consultant LLP, acted as financial advisor for Anil Ltd in this acquisition.
Anil Ltd has received all the necessary approvals for acquiring the assets, the statement added.