Temasek to buy 20 pct in Godrej Industries agri unit

MUMBAI Mon Dec 17, 2012 6:00pm IST

Related Topics

Stocks

   

MUMBAI (Reuters) - Godrej Industries (GODI.NS) said on Monday Singapore's Temasek TEM.UL will buy 20 percent stake in the former's agriculture business unit for 5.72 billion rupees to fund the unit's expansion plans.

This is Temasek's second investment in India's Godrej group this year after it invested $136 million for a 4.9 percent stake in Godrej Consumer Products Ltd (GOCP.NS) early this year.

The agriculture business unit Godrej Agrovet Ltd generated 24.6 billion rupees in sales during the financial year ended March 2012. The company has interests in animal feed, oil palm, agri-inputs and poultry, Godrej Industries said in a statement.

HSBC was the sole adviser to the transaction.

Private equity investments in India have fallen 17 percent this year to about $3.3 billion, according to Thomson Reuters data as lack of returns hampered investment sentiment.

Temasek, which manages about $198 billion globally, has investments in India's top mobile operator Bharti Airtel (BRTI.NS) and No.2 Indian lender ICICI Bank (ICBK.NS).

(Reporting by Indulal PM; Editing by G.Ram Mohan)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

REUTERS SHOWCASE

TCS Results

TCS Results

TCS net profit rises 51.5 percent, sees stronger sales growth.  Full Article | Quote 

Google Results

Google Results

Google Q1 revenue misses Wall Street targets.  Full Article 

Ambitious Aim

Ambitious Aim

In green car race, Toyota adds muscle with fuel-cell launch.  Full Article 

Sparking Boom

Sparking Boom

BlackBerry: the crash that launched 1,000 start-ups.  Video 

Telecom Sector

Telecom Sector

RComm to raise mobile call tariff by up to 20 percent  Full Article 

Chinese Economy

Chinese Economy

China economic growth slows to 18-month low in first quarter  Full Article 

Breakingviews

Breakingviews

Diageo throws money at Indian empire-building  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage