On March 19, Dodla Dairy Ltd, a listed dairy company based in Hyderabad, announced the acquisition of Sri Krishna Milks Private Ltd, a company based in Karnataka, for Rs 50 crore. According to a stock exchange announcement, Sri Krishna Milks was founded in March 1989 and was the first private sector dairy company in the state of Karnataka.
The acquisition was made with the goal of expanding the company's business, according to Dodla Dairy, who also stated that the purchase would not be considered a related party transaction.
Dodla Dairy said in a statement to the stock exchanges that it had signed a business transfer agreement with Sri Krishna Milks for the purchase of the company as a going concern on a slump purchase basis. The payment would be in the form of money.
Dodla Dairy reported that Sri Krishna Milks, which is primarily involved in milk procurement, manufacturing, and selling dairy products, had a turnover of Rs 67.27 crore in FY 2020-21, down from Rs 76.27 crore in 2019-20 and Rs 90.20 crore in 2018-19.
Dodla Dairy also stated that the acquisition would take approximately two months to complete from the date of the agreement.
About Dodla Dairy
Dodla Dairy Limited is a public limited company based in Hyderabad, Telangana, India, with its registered and corporate offices in Hyderabad. The company was established in 1995, and production began in 1997.
Its procurement is currently centred in 5 states, and our products are available for purchase in 11 states. It has a total of 94 milk chilling centres. Some of its plants have ISO 22000:2005 certification, and two have ISO 50001:2011 (EnMS) certification.
