International Finance Corporation (IFC) to soon invest $17 million in Pune-based Parag Milk Foods Pvt Ltd. The investment will be done in expanding Parag’s milk processing facilities at Manchar in Maharashtra and Palamaner in Andhra Pradesh.
The project which is estimated to be $32.7 million, $13.9 million (42 per cent of total cost) has already been funded through an equity investment by IDFC last September.
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”.
Established in 1992, by Devendra Shah, Parag is one of India's largest private dairy companies, which have a milk processing capacity of up to 12 lakh litres per day (LPD) at Manchar and 8 lakh LPD at Palamaner. The firm produces liquid milk and value added products like cheese, butter, ghee (clarified butter), paneer (cottage cheese), yoghurt, curd, Lassi, Flavoured milk, dairy whitener and milk powder, which are sold under the brands ‘GO', ‘Gowardhan' and ‘Top Up'.