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2013-05-21

IFC to Invest $17 million in Parag Milk Foods

International Finance Corporation (IFC) is looking to invest up to $17 million in Pune-based Parag Milk Foods Pvt Ltd for expanding the latter’s milk processing facilities at Manchar in Maharashtra and Palamaner in Andhra Pradesh.

International Finance Corporation (IFC) is looking to invest up to $17 million in Pune-based Parag Milk Foods Pvt Ltd for expanding the latter’s milk processing facilities at Manchar in Maharashtra and Palamaner in Andhra Pradesh.

The total project cost is estimated at $32.7 million, of which $13.9 million (42 per cent of total cost) has already been funded through an equity investment by IDFC last September.

On this association, Devendra Shah, Chairman, Parag Milk foods Pvt Ltd, said, “We are planning to strengthen our operations by focusing on plant automation, expanding our procurement and distribution network and also increasing focus on manufacturing more value added products like whey protein and UHT Milk etc.”

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