IDFC PE Unit Pays $28.7M For Indian Dairy Farm Stake

Law360, New York (September 18, 2012, 6:00 PM EDT) -- The private equity unit of Infrastructure Development Finance Co. Ltd. will pour out 1.55 billion rupees ($28.7 million) for a stake in Parag Milk Foods Pvt. Ltd., the pair reportedly said Tuesday, an investment billed as the largest ever for India's dairy industry.

The companies did not disclose the size of the stake, but local news reports said Parag's current private equity backer, Motilal Oswal Private Equity Advisors Pvt. Ltd., would hang onto a smaller minority interest after the deal's close. Some reports pegged IDFC's interest...
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