Magazine : 
Keventer Agro & Disney shake hands to launch its food products in India
Disney branded food products would soon enter India in association with eastern India’s food and beverage major Keventer Agro. Sources close to the firm revealed that the Kolkata-based Keventer Agro said that the company has signed an agreement with Disney to be the national licensee for Disney foods. This would be a new category for the $130 billion net worth NYSE listed Walt Disney in India.
The company states, “Keventer has signed an agreement with Disney for its food products in India. Disney products are expected to be launched by the end of this calendar year, if everything goes as per plan. Initially, UHT milk, milkshakes and frozen snacks in both veg and non-veg categories will be available.”
Disney is the largest retail character licensor in the world that possesses $52 billion in character merchandising retail sales in products like toys, homes, fashion, publishing, school stationery and food. But currently, Disney branded food products are not available in India.
Furthermore, Keventer is also the franchisee for Parle’s Fruity, Appy and FIZZ in the eastern region. The firm is a strong player in the region with milk, ice cream and frozen products. It has been learnt that the organization is pumping in 
125 crore in its West Bengal manufacturing plant to augment the capacity required for products including the Disney branded ones.
The Keventer Agro board also cleared a proposal for Rs 800 crore IPO to inject fresh capital required to support the expansion plan, retire debt and allow the exit of a PE investor.
“The company board on Friday approved Rs 800 crore initial public offers and the DHRP will be filed with the market regulator SEBI within a day or two,” a source said. The company was contemplating an IPO since 2019 but did not move ahead due to various hurdles and market conditions. With the stock market showing resilience amid the Covid pandemic, the company spearheaded by Mayank Jalan had hired ICICI Sec, Axis and J M Financial as book runners in March 2021 for the issue.
The IPO will offer an exit route to the existing private equity investor Mandala Capital at almost four times of valuation since it invested in 2017. It holds a 22 per cent stake in Keventer investing Rs 110 crore.
Keventer Agro, which is an 1000 crore revenue company, was expecting an enterprise valuation of Rs 2400-2800 crore and would rise around 350 crore in fresh capital in the IPO. The company proposes to retire debt worth Rs 250 crore besides investing 125 crore in its main Barasat manufacturing plant in West Bengal’s North 24 Parganas district. Keventer promoters are intending to retain their interest of around 70 percent in the company.
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