Godrej Agrovet Ltd. has completed the acquisition of an additional 49% stake in Godrej Tyson Foods Ltd. from Tyson India Holdings Ltd.
After the acquisition, Godrej Agrovet's stake in Godrej Tyson Foods has increased from 51% to 100%, according to the exchange filings on Tuesday.
As a result, Godrej Tyson Foods has become a wholly-owned subsidiary of Godrej Agrovet.
On Aug. 1, Godrej Agrovet announced that it had agreed to buy Tyson India's 49% stake in Godrej Tyson Foods Ltd.
Earlier, the board had also approved an initial investment of up to Rs 110 crore to set up a new feed plant in Maharashtra. The project is proposed to be funded through a mix of internal accrual and debt, if need be, the company added.
Godrej Agrovet reported a 23% increase in consolidated net profit, reaching Rs 132 crore for the first quarter of fiscal 2025, up from Rs 107 crore a year earlier. However, revenue for the June quarter fell by 6.4% to Rs 2,351 crore, missing the projected figure of Rs 2,620.73 crore.
For the financial year 2024, Godrej Tyson Foods reported a turnover of Rs 986 crore.
Godrej Tyson Foods specialises in the production, processing, and preservation of meat, fish, fruits, vegetables, oils, and fats. The company markets its products under well-known brands such as 'Real Good Chicken' and 'Yummiez'.
Godrej Agrovet's shares rose as much as 1.59% during the day to Rs 803.25 apiece on the NSE. It closed 0.10% lower at Rs 789.85 per share, as compared with a 0.03% advance in the benchmark Nifty 50. It has risen 66.72% in the last 12 months and 41.73% year-to-date.
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