BackParag Milk Foods plans Rs400-500 crore IPO
Parag Milk Foods plans Rs400-500 crore IPO
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Mumbai: Parag Milk Foods Pvt Ltd, India’s largest private dairy operator which retails ‘Gowardhan´ and ‘Go´ brands, plans to raise Rs400-500 crore via an initial public offering in a year, a top official said on Tuesday.
“We plan to use the proceeds to scale up our presence in India in terms of manufacturing units," Devendra Shah, chairman and managing director told Reuters.
Brokerage Motila Oswal had invested Rs600 million in the company and will look to exit it once the IPO is launched.
The firm has two plants and plans to increase manufacturing capacity to 30 million litres from the current 20 million litres over two years, Shah said.
In FY12, it plans to Rs850 million capital expenditure and hopes to clock a turnover of Rs4000-4500 crore by 2015.
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