Keventer Agro raises ₹170 cr for expansion.

Keventer Agro Ltd. has raised ₹170 crore from private equity firm Mandala Capital to fund its expansion plans in dairy and food processing.

Keventer Agro sells its pouched milk under the brand name of Metro Dairy – which is a wholly-owned subsidiary of Keventer Agro.

Keventer Agro, which is a group outfit of the ₹1,800-crore Keventer Group, has revamped its business strategy and rearranged the key functions of its top management, said a company press statement.

According to Mayank Jalan, Chairman and Managing Director, the company has charted out a robust growth plan for each of its businesses, including dairy, banana and frozen foods.

“With this fresh infusion of capital, we intend to invest about $100 million into our dairy business in Bengal and grow our food processing business exponentially,” Jalan said in the statement.

Plans are afoot to increase milk production capacity by four times from the current 2.5 lakh litres a day to one million litres a day.

The PE firm Mandala Capital has primary investment interests in the food and agri-business sectors in India.

HBL