Godrej Industries said on Monday Singapore's Temasek will buy 20 percent stake in the former's agriculture business unit for Rs 572 crore to fund the unit's expansion plans.
This is Temasek's second investment in India's Godrej group this year after it invested $136 million for a 4.9 percent stake in Godrej Consumer Products Ltd early this year.
The agriculture business unit Godrej Agrovet Ltd generated Rs 2,460 crore in sales during the financial year ended March 2012. The company has interests in animal feed, oil palm, agri-inputs and poultry, Godrej Industries said in a statement.
HSBC was the sole adviser to the transaction.
Temasek, which manages about Singapore $198 billion globally, has investments in India's top mobile operator Bharti Airtel and No.2 Indian lender ICICI Bank.
Copyright Thomson Reuters 2012
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