(Corrects currency in last paragraph to Singapore dollars from
MUMBAI Dec 17 India's Godrej Industries
said on Monday Singapore's Temasek will buy
20 percent stake in the former's agriculture business unit for
5.72 billion rupees ($104.86 million) to fund the unit's
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 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 S$198 billion globally, has
investments in India's top mobile operator Bharti Airtel
and No.2 Indian lender ICICI Bank.
($1 = 54.55 rupees)
(Reporting by Indulal PM; Editing by G.Ram Mohan)