Global alternative asset manager Carlyle Group has invested $22 million in private sector dairy company Tirumala Milk Products Pvt Ltd. The funds will be used for expanding its procurement network, processing capacity, entry into new markets and for the manufacture of new value added products.
Tirumala Dairy has presence in Andhra Pradesh, Karnataka and Tamil Nadu. It handles 7 lakh litres of milk per day in its packing stations and dairy plant, which is the single largest plant in Andhra Pradesh.
The investment will come from Carlyle Asia Growth Partners IV (CAGP IV), a $1.04 billion fund. This investment into Tirumala Milk reinforces the firm’s commitment to India as an attractive investment destination. Carlyle has already made five investments in India from the previous fund, Carlyle Asia Growth Partners III (CAGP III).
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