International Finance Corporation (IFC) will invest up to Rs 93 crore in Pune-based Parag Milk Foods for the latter’s expansion activities.
The maker of Go Cheese and Gowardhan ghee, which plans to expand its facilities at Manchar in Maharashtra and Palamaner in Andhra Pradesh, will spend close to Rs 179 crore on these projects. Last September, the company had already got about Rs 76 crore private equity funding from IDFC.
In a statement, Devendra Shah, Chairman, Parag Milk Foods, said: “We are planning to strengthen our operations by focusing on plant automation, expanding our procurement and distribution network and also, increasing focus on manufacturing more value added products like whey protein and UHT milk.”
Established in 1992, Parag Milk Foods produces milk and value-added products such as cheese, butter, ghee (clarified butter), paneer (cottage cheese), yoghurt, curd, lassi, flavoured milk, dairy whitener and milk powder.