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Veritas, Desai & D got milk: Tirumala buys Prabhat Dairy in $237.7m slump sale

“Tirumala buys Prabhat’s dairy business for Rs 1,700 crore: Tirumala Milk Products, south India’s second-largest player in the industry, has agreed to buy the dairy business of Navi Mumbai-based Prabhat for over Rs 1,700 crore, which will leave the latter to focus on its animal nutrition segment. Prabhat will transfer the dairy products business to its wholly owned subsidiary Sunfresh Agro on a slump sale basis for Rs 473 crore. It will also sell Sunfresh to Tirumala for Rs 1,227 crore,” reported The Times of India.

Veritas Legal advised Prabhat Dairy Limited led by a team of partner Nandish Vyas, senior associate Somrita Chatterji, associate Abhipsita Kundu, associate Devesh Saboo, associate Tejas Shah, and associate Geet Sawhney advising on competition law.

Desai & Diwanji acted for Tirumala Milk Products and its French owner Lactalis led by partner Rachna Jain, based in Delhi and Gurgaon, and Mumbai-based partner Aneesh Gupte, senior associates Megha Sharma and Shireen Langrana and associates Sweta Rao and Shreya Iyer.

Kotak Mahindra Capital was financial adviser to Prabhat Dairy Limited.

2019-01-21

Deal value: INR 1700 Crores

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