The company's product portfolio includes liquid milk and various dairy products such as milk powder, cheese, ghee, butter, cream, curd, buttermilk and gulab jamun mix.
MOVCAPL's Chairman, Raamdeo Agrawal, said that "India is rapidly moving from a $1 trillion economy to a $2 trillion economy with steadily-increasing disposable incomes. Rising population coupled with increasing consumerism will boost demand for dairy products."
"Companies like Parag, which have established strong procurement practices and internationally accepted quality products, will hugely benefit from this upsurge in consumerism," Agrawal added.
Parag's Chairman, Devendra Shah, said that "the company would be investing around Rs 160 crore over the next 2-2.5-years expanding its capacity to procure and process around 20 lakh litres per day and Rs 50 crore lending to farmers for backward integration as well as for development of the cow and dairy farm".
Mumbai-based investment bank, Ladderup Corporate Advisory Pvt Ltd acted as the exclusive financial advisors to Parag for the deal.
