US Private Equity Firm Buys Stake in Indian Dairy

US private equity firm Carlyle has taken a minority share in Indian dairy company Tirumala Milk Products, investing nearly Rs1.1bn ($23.5m) in the firm, sources familiar with the transaction said.

Tirumala may use the funds to expand from its base in Andhra Pradesh into the neighbouring states of Tamil Nadu, Karnataka and Maharashtra.

Veda Corporate Advisors is the sole advisor to the transaction.

In 2009, private equity companies invested $82m in ten deals in agribusiness ventures, according to data from Venture Intelligence.

The Rs6bn ($128m) company is reportedly growing at a compound annual growth rate of nearly 30%.