Anil, the flagship company of the Anil group, announced today the acquisition of the assets along with the running business of Siddhi Vinayak Agro Industries (SVAIPL), a Corn Wet Milling company for a consideration of Rs.460 million through its wholly owned subsidiary Anil Lifesciences.
SVAIPL has a capacity of 150 TPD Grind and is based in Chindwara, Madhya Pradesh.
Amol Sheth, chairman & MD, Anil, said ''The acquisition is part of our strategy to grow the CWM business organically and inorganically and be multi-locational. It brings in a number of strategic advantages apart from providing accelerated growth avenues. The unit is strategically located in a corn belt in central India providing access to North, East and South markets. The acquisition is expected to add Rs.100 plus crores to the top line''.
Shares of the company declined Rs 12.60, or 4.90%, to settle at Rs 244.55 at the BSE (Monday).