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Tirumala Milk buys Sunfresh Agro; Varun Beverages buys 9 Pepsi plants
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Wednesday, 27 March, 2019, 12 : 00 PM [IST]
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Our Bureau, Bengaluru
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While leading dairy player Tirumala Milk Products has acquired Sunfresh Agro Industries, a subsidiary of Prabhat Dairy, and the diary business of Prabhat Dairy, beverage major Varun Beverages, which is also on an inorganic path, has bought nine PepsiCo plants.
According to media agency reports, the Competition Commission of India (CCI) has cleared Tirumala Milk Products to acquire the two concerns.
It was gathered from the media report that CCI tweeted that the regulatory authority approved the acquisition by Tirumala Milk Products of Sunfresh Agro Industries, and the dairy business of Prabhat Dairy.
“Earlier this year, Prabhat Dairy, in a regulatory filing, said that Tirumala Milk Products, the Indian subsidiary of the France-based Lactalis’ Indian subsidiary, was acquiring its dairy business for Rs 1,700 crore, which was 1.09 times its sales in 2017-18 of Rs 1,554 crore,” stated the new agency report.
“As regards the dairy business, the transaction also involves the sale of 100 per cent shareholding in Sunfresh Agro Industries, a step-down subsidiary of Prabhat, via a share purchase agreement,” the company said.
Varun Beverages
In a separate tweet, CCI stated that it approved the acquisition by Varun Beverages Limited (VBL) of nine manufacturing plants and the franchise rights for seven states and five Union Territories (UTs) as a going concern on a slump-sale basis from PepsiCo.
VBL is an existing franchisee bottler of PepsiCo in certain territories, and after the deal, it will expand its bottling activities for PepsiCo beverages to territories which were earlier operated by PepsiCo.
The new areas include Gujarat, parts of Maharashtra, parts of Karnataka, Telangana, parts of Andhra Pradesh, Tamil Nadu and Kerala, and the UTs of Puducherry, Dadra and Nagar Haveli, Daman and Diu, Lakshadweep, and the Andaman and Nicobar Islands.
Separately, CCI tweeted that it approved the acquisition of preference shares of Delhivery by Deli CMF Pte Limited.
“According to a notice, the deal is for acquisition of over 63,500 compulsorily convertible preference shares, after which the holding of Deli CMF in Delhivery will become 4.51 per cent from the current 4.76 per cent,” stated the media agency report.
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