Keventer Agro Raises USD 25 Million to Fuel Growth of its Dairy and Agro Food Processing Businesses

By 121 News

Chandigarh 14^th September:- Marking a significant development in the agro food processing sector in India and boosting Foreign Direct Investment (FDI) interest into the State of West Bengal, Rs.800 Cr Keventer Agro Ltd(KAL), the flagship enterprise of Rs.1800 Cr Keventer Group having diverse interests in Food and Beverage, Hospitality, Realty, Infrastructure and Exports, has secured a capital of USD 25mn (Rs.170Cr. approximately) from Mandala Capital, a private equity firm, which has primary investment interests in the Food and Agri-business sectors in India. The capital raised will help Keventer Agro fuel its growth story further and will be utilised for future expansion plans. Baker Tilly DHC, the Indian arm of one of the world's leading accountancy and business advisory services company, Baker Tilly International, has been the transaction adviser of this deal while Fox Mandal and DSK Legal were the legal advisors to Keventer Agro Ltd and Mandala Capital respectively.

Keventer Agro is currently on an aggressive growth path eyeing significant surge in its business scale. The Company has revamped its business strategy and to this effect, the governing board of the Company has rearranged the key functions of its top management. With effect from September 13, 2017, Mayank Jalan has been designated as Chairman and Managing Director of Keventer Agro Ltd and he would also play a pivotal role in taking ahead the growth agenda of Metro Dairy as its Chairman. Mahendra Kumar Jalan, the Founder of Keventer Agro Ltd would continue to guide the management and provide strategic inputs as the Chairman Emeritus of KAL.

Mayank Jalan, Chairman and Managing Director, Keventer Agro Ltd and Chairman, Metro Dairy Ltd commented that we have charted out a robust growth plan for each of our businesses, be it dairy, banana or frozen foods. Thus we were looking for an experienced investment partner who would be a part of our journey going forward and what could be better than Mandala Capital  with their proven track record of successful partnerships with some of the finest organisations operating in Indian agro business sector. With this fresh infusion of capital, we intend to invest about USD 100mn into our dairy business in Bengal and grow our food processing business exponentially - all towards our endeavour of turning into a USD 500mn company by the year 2022.