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Motilal Oswal Private Equity invests Rs 1,000 million in Ganesh Grains
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Thursday, 27 October, 2016, 08 : 00 AM [IST]
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Our Bureau, Mumbai
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fiogf49gjkf0d Motilal Oswal Private Equity Investment Advisors Pvt Ltd’s (MOPE) India Business Excellence Fund-II and India Business Excellence Fund-IIA have invested Rs 1,000 million for a minority stake in Kolkata-based Ganesh Grains Ltd, which is engaged in the manufacturing and selling of branded food staples. This is the first time the company has raised private equity capital.
Ganesh Grains, which was established in 1936, is one of the oldest and largest staple brands in eastern India. It has a strong presence in West Bengal and operates through a strong supply chain network, with over 35,000 retailers in these regions. It ha eight manufacturing facilities in West Bengal, Uttar Pradesh and Andhra Pradesh, and offers a host of products, including atta, maida, suji and sattu, under the brand Ganesh.
Vishal Tulsyan, managing director and chief executive officer, MOPE, said, “We are pleased to be a part of what we believe is one of the fastest-growing food staple brands in the country. The brand Ganesh has become synonymous with high-quality products at affordable prices and remains an endearing brand to its target customers. The food staple industry is undergoing a fundamental transformation.”
“The combined effects of demographic shifts and the rise of new consumption centres will have a profound impact on the shape of demand over the next few decades. MOPE continues to back high-quality local entrepreneurs to build large businesses based on this investment theme. Through this partnership with Ganesh Grains, we intend to help create a large, differentiated leaders in India’s food staple industry,” he added.
Manish Mimani, managing director, Ganesh Grains, said, “Partnering with MOPE will help the company achieve its three-dimensional goal of becoming the fastest-growing food staple business in the country while continuously improving the market share and strengthening the Ganesh brand. The MOPE team’s partnership approach, along with proactive growth focus, will provide the necessary impetus for Ganesh.”
“The funds will be used for the expansion of capacity, deepening the distribution network and brand building, which will help us serve our customers better and create value for all the stakeholders of the company,” he added. Rabo Bank acted as an exclusive financial advisor to Ganesh Grains for this transaction.
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