MUMBAI, Jan 7 (Reuters) - 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 Tuesday.
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.