Temasek to buy 20 pct in Godrej Industries agri unit
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)
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The BSE Sensex ended up slightly on Monday after rising to a record high for a third consecutive session as strong foreign buying continued to boost domestic-focused shares such as those of HDFC Bank, but momentum waned as exporters slumped on a stronger currency. Full Article