A deal to buy a minority stake in the Tamil Nadu based dairy products company Milky Mist, is close to being finalised by WestBridge Capital, which supports both private and public market companies.
Economic Times reported quoting sources that the estimated investment will likely total around Rs 800 crore and value Milky Mist Dairy Foods at around Rs 7,000 crore.
The discussions, which lasted over a year, are now complete, and WestBridge is nearing completion of all remaining formalities.
In order to raise money, Milky Mist has previously had negotiations with private equity and venture capital firms. These discussions, however, were unsuccessful. The company has never raised institutional capital before, as reported by Economic Times.