Prabhat Dairy raises 1.4 bln rupees from PE investors

MUMBAI (Reuters) - India's Prabhat Dairy Pvt Ltd said on Tuesday it raised 1.4 billion rupees from India Agribusiness Fund, a private equity fund sponsored by Rabobank and France's Proparco.

Prabhat, which supplies dairy-based food ingredients to multinationals and leading Indian food and beverage companies, will use the proceeds to set up a new manufacturing facility in the Mumbai suburbs, it said in a statement.

KPMG was the sole advisor to the deal, it added.

(Reporting by Indulal PM; Editing by Sunil Nair)