Singapore-based Temasek Holdings has acquired a 19.99 percent stake in India-based Godrej Agrovet, according to a company statement, in a deal worth INR5.7 billion (€79.3 million; $104 million).
Godrej is an agribusiness company that helps Indian farmers improve productivity by increasing crop and livestock yields. The company already has 45 manufacturing facilities across India, and will apparently use this investment to finance its next phase of expansion.
Earlier this year, Temasek invested $136 million in another subsidiary of the Godrej Group, Godrej Consumer Products. “We are pleased to have another opportunity to partner with the Godrej Group in what is an attractive sector in India,” Rohit Sipahimalani, Temasek’s head of India, said in a statement.
Balram Singh Yadav, managing director of Godrej, added: “We remain steadfastly focused on our mission to improve the productivity of Indian farmers through innovative products and services that sustainably increase crop and livestock yields. We are aggressively expanding rural distribution, increasing our manufacturing capacities, and launching cutting edge technologies for farmers.”
Temasek has actively pursued opportunities in India this year. In June it bolstered its Mumbai team, hiring managing director Promeet Ghosh. Other activities in the country during 2012 have included a partial divestment of its stake in India’s ICICI Bank for $299 million in February.