Venkys’ (India) board of directors at its meeting held on March 12, 2014, has approved a proposal to acquire Poultry and Packaging business operations, on going concern basis, of Venkateshwara Hatcheries (VHPL), its Holding Company, situated in Northern India in the state of Haryana, Punjab, Himachal Pradesh and Uttarakhand.
The acquisition is a part of inorganic expansion plan of the Company which will consolidate Poultry operations in Northern India thereby increasing operational efficiency due to synergy and strengthen the geographical presence for the Company in Northern India. This will increase long-term value for all stakeholders. The acquisition is estimated to cost around Rs. 75 crore
The proposed acquisition will become effective once definitive agreements are signed in this regard, subject to all requisite regulatory and statutory approvals. Barring unforeseen circumstances the Company proposes to complete acquisition by end of Financial Year 2013-14.
Venky’s (India), formerly known as Western Hatcheries and a VH Group company, was established in 1976, mainly to produce day-old layer and broiler chicks for the dense poultry markets of North India.
