MUMBAI: Godrej Agrovet, managed by brothers Adi Godrej and Nadir Godrej, is shopping for out US-based Tyson Meals’ curiosity within the processed poultry enterprise, it stated on Thursday. It’s buying the US firm’s 49% stake in Godrej Tyson Meals for Rs 323 crore. The change in shareholding comes after 16 years and ends in Tyson cutting down its play in one of many largest economies on the planet.
On Thursday, the board of Godrej Agrovet accredited the share buy settlement with Tyson India Holdings, an affiliate of Tyson Meals, for the acquisition of 97,461 fairness shares of Godrej Tyson Meals, which is able to make it a wholly-owned subsidiary of the corporate. The transaction is anticipated to be concluded earlier than Aug-end.
Tyson entered the meat manufacturing enterprise in India in partnership with Godrej Agrovet in 2008. The three way partnership markets the merchandise below Actual Good Hen and Yummiez manufacturers and has a presence in additional than 35 Indian cities. Godrej Tyson Meals had a turnover of Rs 986 crore in FY24.
In accordance with Godrej Agrovet, it’s consolidating its curiosity within the meat manufacturing enterprise because the family penetration of frozen snacks in India is under 6% and there may be ample room for growth. Other than Godrej Tyson Meals, the American packaged meals retailer has a know-how unit in India – Tyson IT Answer – which is predicated in Bengaluru.
Godrej Agrovet’s board has additionally accredited an funding of upto Rs 110 crore to arrange an animal feed plant in Maharashtra. The challenge will likely be financed by way of inside accruals and debt, the corporate stated. On Thursday, Godrej Agrovet reported a revenue of Rs 132 crore in Q1 FY25, up 23%, and a income of Rs 2,351 crore throughout the identical interval, down 6%.
On Thursday, the board of Godrej Agrovet accredited the share buy settlement with Tyson India Holdings, an affiliate of Tyson Meals, for the acquisition of 97,461 fairness shares of Godrej Tyson Meals, which is able to make it a wholly-owned subsidiary of the corporate. The transaction is anticipated to be concluded earlier than Aug-end.
Tyson entered the meat manufacturing enterprise in India in partnership with Godrej Agrovet in 2008. The three way partnership markets the merchandise below Actual Good Hen and Yummiez manufacturers and has a presence in additional than 35 Indian cities. Godrej Tyson Meals had a turnover of Rs 986 crore in FY24.
In accordance with Godrej Agrovet, it’s consolidating its curiosity within the meat manufacturing enterprise because the family penetration of frozen snacks in India is under 6% and there may be ample room for growth. Other than Godrej Tyson Meals, the American packaged meals retailer has a know-how unit in India – Tyson IT Answer – which is predicated in Bengaluru.
Godrej Agrovet’s board has additionally accredited an funding of upto Rs 110 crore to arrange an animal feed plant in Maharashtra. The challenge will likely be financed by way of inside accruals and debt, the corporate stated. On Thursday, Godrej Agrovet reported a revenue of Rs 132 crore in Q1 FY25, up 23%, and a income of Rs 2,351 crore throughout the identical interval, down 6%.
