Do watch out this story, it will be a big story. Motilal Oswal Private Equity Advisors Private Ltd (MOPE) has bought the 20 per cent stake of Goldman Sachs in Ludhiana-based food company Cremica. According to persons close to the development, the private equity (PE) arm of Motilal Oswal Financial Services Ltd (MOFSL) bought the stake for around Rs 70 crore, valuing the company at Rs 350 crore. MOPE bought the stake through its India Business Excellence Fund (IBEF). In 2006, Goldman Sachs had picked up the stake through its unit Jade Dragon (Mauritius) Ltd for close to Rs 70 crore, indicating that its exit had been on par, said the sources. In 2009-10, Cremica’s turnover was close to Rs 400 crore. Raamdeo Agarwal, chairman of MOPE, said, “The food industry in India is in a high-growth phase. If the economy has to grow from one trillion dollars to two trillion dollars in the next four to five years, branded food consumption will increase with growing income levels. Companies like...
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