IFC joins IDFC in Parag Milk Foods through $17m growth commitment

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cow beef milk dairyThe World Bank investment arm IFC has followed Indian development finance institution IDFC into Parag Milk Foods by committing $17m to the company.

IDFC made one of the largest private equity investments in the Indian dairy sector last September by picking up a minority stake in Parag for $28.6m.

IFC’s investment will support the company’s expansion into value-added products, especially whey powder and UHT milk.

Parag, which was formed in 1992, is one of India’s largest private dairy companies with the capacity to produce up to two million litres per day.

IDFC’s investment enabled a part-exit for Motilal Oswal Venture Capital, which bought into the company in 2008.

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