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Temasek to buy 20 per cent stake in Godrej Agrovet

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Temasek invested over Rs 700 crore for a 4.9 per cent stake in Godrej Consumer Products Ltd earlier this year. This will be Temasek's second investment this year in the Godrej group.

The agriculture business unit Godrej Agrovet Ltd generated Rs 2460 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.

Private equity investments in India have fallen 17 per cent this year to about $3.3 billion, according to Thomson Reuters data as lack of returns hampered investment sentiment.

Temasek, which manages about $198 billion globally, has investments in India's top mobile operator Bharti Airtel and the second leading Indian lender ICICI Bank.

Copyright @ Thomson Reuters 2012



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