Loss-making dairy agency Kwality Dairy has acquired a brand new lease of life as TPG Capital and Haldiram amongst others suitors have submitted an expression of curiosity (EoI) to purchase the firm, stated a media report.
A consortium of strategic and monetary buyers together with TPG Capital, Aion affiliate Arcion Revitalisation, IndiaRF — a three way partnership between Piramal Enterprises and Bain Capital Credit score — Haldiram Snacks and JK Group’s LVP Meals submitted the EoI to amass Kwality Dairy, stated a report in The Financial Occasions quoting officers conscious of the matter.
The buyers submitted the bids to Shailendra Ajmera of EY, who’s the decision skilled for Kwality Dairy, which is present process a company insolvency decision course of (CIRP), stated the report.
One other report by The Financial Occasions stated that Kwality reported Rs 1,500-crore losses for the third quarter ended December, 2018. Web losses for the 9 months have been at Rs 2,450 crore towards a revenue of Rs 69.82 crore throughout the identical interval the earlier fiscal, stated the report.
In February this yr, Kwality Dairy had sought extra time to declare its monetary outcomes, stated a PTI report.
It stated after an order of the Nationwide Firm Regulation Tribunal (NCLT), the powers of the board of administrators of the corporate stood suspended and are being exercised by the interim decision skilled appointed by the NCLT.
“Though the company is sincerely endeavouring for completion of audit on priority basis, but the company would need additional time to declare and publish financial results beyond the stipulated due date and will be able to do within 30 days,” Kwality Ltd stated in a BSE submitting.
In October final yr, international personal fairness participant KKR had filed insolvency plea towards the dairy agency earlier than the NCLT.
Kwality Ltd in 2016 had introduced that it had raised Rs 300 crore from KKR India Monetary Companies and received further dedication of Rs 220 crore. The quantity was raised to fund its growth plans and enter into client section.
Integrated in 1992, Kwality has six milk processing models in Uttar Pradesh, Haryana, Uttrakhand and Rajasthan with a capability of three.2 million litre per day. It sells milk and milk merchandise beneath completely different model together with Kwality and Dairy Greatest.
Kwality has emerged as one of many main exporter of dairy merchandise from India, exporting throughout continents like Asia, Africa and Australia moreover to greater than 28 international locations together with Japan, UAE, Seychelles, Bangladesh, Sri Lanka, Jordan, Niger, Morocco and many others, says the agency’s web site.
— With PTI inputs
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