MUMBAI Jan 7 Europe's No. 1 dairy group
Lactalis has agreed to buy a controlling stake in India's
Tirumala Milk Products for between $250 million and $300
million, two sources with direct knowledge of the matter said on
Lactalis will buy shares from Tirumala's founders, who own
80 percent of the company, and the Carlyle Group, which
invested about $22 million in the company in 2011 and holds the
remaining 20 percent stake, the sources said.
A Lactalis spokesman said the company has agreed to buy
Tirumala for an undisclosed amount. Tirumala officials could not
be reached outside business hours in India. Both sources
declined to be named before a public announcement.