Dairy products manufacturer Anik Industries Ltd that completed the sale of its dairy business to Lactalis last month, said it will invest up to Rs 140 crore (around $21 million) in the proposed hospitality-cum-mixed-use project of Revera Milk and Foods Pvt. Ltd.
The investment in the project will be made in one or more tranches and will be done through optionally convertible debentures, Anik Industries said in a stock market disclosure.
Revera Milk and Foods, which was set up in 1996, manufactures food products.
Anik Industries also said that it will invest up to Rs 30 crore ($4.5 million) to acquire a majority equity stake in Sri Lanka-based Paras Industries Pvt. Ltd. The stake will be bought from a foreign stakeholder under a strategic decision to expand its international trading activities, it said.
The investment in the Sri Lankan company will also be done in one or more tranches, it said.
The Indore-based company, previously known as Madhya Pradesh Glychem Industries, had changed its name to Anik Industries to link it with its brand ‘ANIK’ in the field of dairy industry. The firm decided to sell its dairy business to Lactalis for Rs 470 crore in March.
Flush with cash, it is now looking to deploy the money into other businesses.
Shares of the company ended at Rs 29.85 apiece, up 2.23% on the BSE in a flat Mumbai market. The firm has a market cap of just Rs 83 crore.
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