September 18, 2012 / 11:16 AM / 5 years ago

IDFC PE invests $28.8 mln in Indian dairy firm

MUMBAI, Sept 18 (Reuters) - IDFC Private Equity, a unit of India’s Infrastructure Development Finance Co, has invested about 1.55 billion rupees ($28.80 million) in private Indian dairy firm Parag Milk Foods, the companies said.

The proceeds from the deal will be used to expand capacity and strengthen Parag’s procurement infrastructure. Parag processes close to 1.1 million litres of milk per day in its two plants.

The transaction will also mark a partial exit for another domestic private equity fund, Motilal Oswal Private Equity, a unit of brokerage Motilal Oswal, which invested in Parag in 2008, the companies said in a statement. ($1 = 53.8250 Indian rupees) (Reporting by Indulal PM; Editing by Anupama Dwivedi)

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