The Carlyle Group, a global alternative asset manager with $88.6 billion of assets under management, has invested $22 million (approximately Rs 102 crore) in Andhra Pradesh-based dairy company Tirumala Milk Products Private Limited. The funds will be used for expanding its procurement network, processing capacity, entry into new markets and for the manufacture of new value-added products.
This investment into Tirumala, which has an installed capacity of 1.35-million litres per day across five processing plants, comes from Carlyle Asia Growth Partners IV (CAGP IV), a $1.04-billion fund. Carlyle has already made five investments in India from the previous fund, Carlyle Asia Growth Partners III (CAGP III).
“Tirumala enjoys very strong brand equity and this comes from having a direct interface with a large number of customers who use high quality Tirumala products on a day-to-day basis. Our partnership with Carlyle will add to our financial strength, and enhance operations by bringing in international best practices and new dairy technology from around the world,” managing director and head of CAGP Wayne Tsou stated in a press release on Friday.