Godrej Agrovet Ltd, the agribusiness subsidiary of Godrej Industries Ltd, has increased its shareholding in Israeli bio-tech firm Maxximilk Pvt. Ltd, a stock market disclosure showed.
The company, as per a Bombay Stock Exchange filing, has bought an additional 10.91% stake in the company, thus taking its shareholding to 62.97%.
The financial details of the transaction couldn’t be immediately ascertained.
Godrej Agrovet had picked up a majority stake in the company in January 2018. Post the transaction, the company became its subsidiary and was renamed as Godrej Maxximilk Pvt. Ltd.
Maxximilk specialises in in-vitro production of high-quality embryos that aid dairy farmers produce top-quality milk, thus increasing their yield by a significant proportion. The company claims that its embryos are genetically predisposed to withstand hot weather conditions.
Originally established in central Israel in 2008, Maxximilk shifted gears and opened a production facility in Maharashtra in August 2017, after signing a partnership agreement with Godrej Agrovet Ltd.
Godrej Agrovet, which made its public market debut in October 2017, is a diversified, research- and development-focused agri-business of the 120-year-old Godrej Group.
The company, which was incorporated in 1991, produces 1.1 million tonnes of feed and nutritional products for dairy cattle, poultry and aquaculture annually. It also has palm oil plantations and makes hybrid seeds.
It is also India’s largest crude palm oil producer by market share.
The company, which is backed by Singapore state investment firm Temasek, had in the past made two acquisitions – Maharashtra-based Astec Life Sciences and Hyderabad-based Creamline Dairy.