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June 03, 2015 2:43 PM ET

Food Products

Company Overview of Tirumala Milk Products (P) Ltd

Company Overview

Tirumala Milk Products (P) Ltd produces and supplies dairy products in India. Its products include milk in sachets; sweets; flavored milk; curd in cups and sachets; milk powder; butter; and ghee and butter oil in bulk and consumer packs. The company distributes its products in Andhra Pradesh, Karnataka, and Tamil Nadu. The company was founded in 1998 and is based in Hyderabad, India. As of January 7, 2014, Tirumala Milk Products (P) Ltd operates as a subsidiary of Groupe Lactalis S.A.

204, 7-1-201/2, Food World Building

Dharam Karam Road

Ameerpet

Hyderabad,  500016

India

Founded in 1998

Phone:

91 97 0333 0864

Fax:

91 40 4021 2408

Key Executives for Tirumala Milk Products (P) Ltd

Managing Director and Director
Joint Managing Director and Director
Head of Finance
Assistant General Manager - Finance & Accounts
Senior General Manager of Gudur Plant
Compensation as of Fiscal Year 2014.

Tirumala Milk Products (P) Ltd Key Developments

TPG, Danone Reportedly In Talks To Acquire Tirumala

TPG Capital, L.P., Danone (ENXTPA:BN) are in advanced talks to acquire Tirumala Milk Products (P) Ltd, backed by The Carlyle Group LP (NasdaqGS:CG). Two people close to the matter stated that the firms are in talks with promoters and investors of Tirumala to acquire the later, valued at INR 2 billion. A person stated, “The buyers are looking at 75%-80% stake for INR 1.8 billion. The company will soon enter into exclusive talks with Danone.” The news report stated that Puneet Bhatia, Head of TPG India and M Shankar Narayanan, Managing Director of Carlyle did not elicit response. Danda Brahmanandam, Bolla Bramha Naidu, B Nageswara Rao and N Venkata Rao, the four promoters of Tirumala Milk, currently own 80% stake in the Tirumala. According to the report, B Nageswara Rao, Director and Founder said though Carlyle was also looking at selling their 20% stake by mandating investment bankers, there was no significant progress for want of better valuations. Tirumala’s MD Danda Brahmanandam said, “We have provided all the details on the company’s performance including financial data to the prospective buyers to enable them to take a call on valuations.”

Danone, Lactalis And TPG Reportedly Made Non-Binding Offers For Tirumala

Danone (ENXTPA:BN), Groupe Lactalis S.A. and TPG Capital, L.P. have made non-binding offers to acquire a controlling interest in Tirumala Milk Products (P) Ltd, reported The Times of India citing people briefed on the matter. Tirumala Milk has mandated Barclays to find a suitor for the business. The sources added that other buyout funds like Advent International Corporation too have met with Tirumala Milk to evaluate an offer. The three offers have moved to the next round despite coming below the asking price of INR 20 billion. Tirumala Milk will provide more financial and operational details for the suitors to make a binding offer in the next 90 days. One of the sources who did not wish to be named said, "There is good interest in the asset from both strategic and financial investors. There could be more than three bidders eventually." Danone, TPG and Advent declined to comment, while Lactalis could not be reached immediately. Tirumala founders could not be reached at the time of going to press.

Investors Eye Tirumala Milk

Nestlé S.A. (SWX:NESN), Danone (ENXTPA:BN), and Fonterra Co-Operative Group Ltd. (NZSE:FCG) eye Tirumala Milk Products (P) Ltd. The Carlyle Group LP (NasdaqGS:CG) seeks to sell 20% stake in Tirumala Milk Products (P) Ltd. Bolla Brahma Naidu, Brahmanandam, B. Nageswara Rao and N Venkat Rao, the four promoters who own the 80% stake in the company, will also soon take a decision whether to sell a controlling or minority stake in South India's second largest milk supplier along with the private equity investor."We will soon take a call on divesting either minority stake to retain management control or completely exit,'' Tirumala Milk Products Chairman Bolla Brahma said. He said Carlyle, which holds over 20% stakes has mandated investment bankers to sell its stake in the company. Carlyle reportedly hired Barclays Capital to scout for a buyer. Carlyle India managing director M. Shankar Narayanan represents the fund on the board. ''We were approached by several global dairy products giants including the world's largest yogurt maker Danone SA, New Zealand headquartered Fonterra and Nestle, Naidu said. "They have been in touch with us expressing interest to buy our stake.'' ''While they are keen on acquiring controlling stake, some of the promoters want to retain management control and divest only minority stake of up to 49%," he added. According to him, there is no consensus among the promoters at present on whether to retain majority stake after roping in the foreign dairy products giants that helps the company expand its global footprint, or sell majority stake or exit completely.

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