Motilal Oswal VC invests Rs 60 Cr in Parag Milk
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Pune: Motilal Oswal Venture Capital Advisors (MOVCAPL), the private equity arm of Motilal Oswal Financial Services, has invested Rs 60 crore in Pune-based Parag Milk Foods. The stake diluted was not disclosed. This funding comes from Motilal?s $125-million India Business Excellence Fund (IBEF) closed earlier this year. Parag Milk Foods is a dairy firm and sells its products under the brand name Gowardhan. Its products include milk, ghee, milk powder, cheese, butter, cream, curd, buttermilk and gulab jamun mix. Its retail network is spread across Maharashtra, Gujrat, Karnataka, Rajasthan, Tamil Nadu and Kerela. The company plans to expand its processing and procuring capacity. IBEF plans to invest in 10-12 firms by the end of this year. The fund has invested in AU Financiers, an NBFC, which provides finance to rural and semi-urban areas in the state. MOVCAPL had last year invested in power company IMP Powers to the tune of $4.32 million. It had also invested in Time Technoplast before it went public last year. The other investments of MOVCAPL include Effort BPO and RT Outsourcing. MOVCAPL is a completely owned subsidiary of Motilal Oswal Financial Services.

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