French firm Lactalis to close Tirumala deal in Jan

French multi-national dairy company Lactalis Group will conclude acquiring majority stake in Tirumala Milk Products in the first week of January.According to reliable sources, the deal involves the buying 70 per cent stake in the Hyderabad-based company by Lactalis.
Private equity firm Carlyle Group, which owns 20 per cent stake, is expected to totally exit Tirumala, while the four promoters will divest 50 per cent of their 80 per cent equity.
The entire valuation of the deal is €220 million.Lactalis, one of the largest dairy products groups in the world with operations in over 150 countries, has completed most of the formalities, sources said. Tirumala Milk Products is the largest dairy processor in Andhra Pradesh, with a reported sales turnover of Rs 1,500 crore last fiscal.