INDIA - Odisha-based milk producer, Milk Mantra has acquired Sambalpur based Westernland Dairy for $1.61 million.
The move has been seen the start-up company's expansion to the neighbouring Jharkhand and Chhattisgarh states.
The acquisition will immediately increase the company’s dairy production unit by 50,000 litres aday.
This will also help Milk Mantra’s Milky Moo brand of milk and dairy products to expand into more parts of the state as well as neighboring regions, enabling infusion of more variety and value-added products.
Milk Mantra currently processes around 60,000 litres of milk per day at its state-of-the-art dairy plant at Gop in Puri district.
The company is looking for both acquisitions and greenfield opportunities, particularly in Eastern India for our fresh dairy platform, Srikumar Mishra, managing director and founder Milk Mantra (pictured) said.
Milk Mantra is also planning to launch several dairy-based value added products like sweet curd, flavoured and functional milkshakes and probiotic drinks soon.
The state’s first venture capital funded start-up has targeted to increase its processing facility from 75,000 litres to 250,000 litres per day by mid-2015.
The company has network of 25,000 farmers, 350 collection points and 20 bulk coolers.
Fidelity Growth Partners India along with Aavishkaar India are the angel investor for the start-up.