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Grapevine: Hindustan Unilever leads race for dairy firm; Arohan seeks to raise $200 mn
Photo Credit: Reuters

Consumer goods giant Hindustan Unilever Ltd has emerged as the front-runner to buy Nagpur-based Dinshaw’s Dairy Foods, a media report said.

Citing people in the know, Business Standard reported that HUL is in talks with the promoters of Dinshaw’s to strike an all-cash deal of Rs 1,000 crore.
This would value the company at a little morethan two times its estimated 2018-19 sales of Rs 450 crore, the report said.

Ice-cream maker Dinshaw’s has been on the block since April, the report said. It added that HUL might have edged out other contenders such as private equity firms Carlyle and Blackstone.

Meanwhile, Arohan Financial Services Ltd is looking to raise $200 million from existing and new investors to expand business before an initial public offering, Mint reported, citing two people aware of the development.

The report cited Arohan managing director Manoj Kumar Nambiar as saying that the company was close to raising Rs 130 crore ($18 million) from existing investors Tano Capital, TR Capital, Danish private equity firm Maj Invest and the Michael and Susan Dell Foundation.

The Kolkata-based microlender company is also in talks with sovereign wealth funds, private equity funds and development finance institutions to raise capital, Nambiar said.

Parent Aavishkaar-Intellecap group will also invest in this round of fundraising, Nambiar said.

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