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

Addressing India's Infra Needs

REUTERS SHOWCASE

FCI Revamp

FCI Revamp

Govt begins revamp of Food Corporation of India to cut waste, tame prices  Full Article 

Banking Fraud

Banking Fraud

Govt probing alleged fraud in two state-run bank branches   Full Article 

New Metro Rail

New Metro Rail

Cabinet approves $1.4 bln new metro rail project   Full Article 

Gold Stagnation

Gold Stagnation

Fading volatility promises long period of gold stagnation  Full Article 

Rupee Gains

Rupee Gains

Rupee hits 3-week high on debt-related dollar inflows  Full Article 

Reuters India Mobile

Reuters India Mobile

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