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Ahmedabad-based starch maker Anil Ltd on Monday announced the acquisition of a Madhya Pradesh-based Corn Wet Milling (CWM) company for a consideration of Rs 46 crore.
Anil, through its wholly-owned subsidiary, Anil Lifesciences Ltd, acquired all the assets along with the running businesses of Siddhi Vinayak Agro Industries Pvt Ltd (SVAIPL), having a capacity of 150 tonnes per day grind, located at Chindwara, Madhya Pradesh.
The BSE-listed Anil plans to immediately invest another Rs 20 crore to ensure full capacity utilisation and for augmenting the product-mix of the unit.
Amol Sheth, Chairman and Managing Director, Anil Ltd said, “The acquisition is part of our strategy to grow the CWM business organically and inorganically and be multi-locational. The unit is strategically located in a corn belt in central India, providing access to the North, East and South markets. The acquisition is expected to add more than Rs 100 crore to the top line.”
Anurag Kothawala, Group Director, said, “The acquisition will add significant value to the Corn Wet Milling business and enhance our market reach.”
Nrups Consultant LLP, an Ahmedabad-based investment banking firm, acted as financial advisors.
Anil has received all the necessary approvals for acquiring the assets, the company said in a statement on Monday.
Company shares closed at Rs 244.30, with a loss of 5 per cent on the Bombay Stock Exchange (BSE).
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