West Bengal cabinet today gave its nod to divest the state government's equity in Metro Dairy and sell it to Keventer Agro.
Keventer Agro which has 53 per cent stake in Metro Diary will get complete control over the company, a senior minister said after the cabinet meeting.
Metro Dairy is the country's first dairy project in public-private partnership model that began in the early '90s.
Keventer Agro, it was learnt, has been the sole bidder at the e-auction open tender floated earlier this year and had offered Rs 85.5 crore.
Metro Dairy was set up as a tripartite venture among the West Bengal Milk Producers Federation Ltd, Keventer Agro and the National Dairy Development Board (NDDB).
NDDB later sold its 10 per cent stake to Keventer Agro.
The state government owns majority share of the West Bengal Milk Producers Federation Ltd.
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