The deals span the breadth of the country’s agricultural economy, including poultry breeding, rice milling, ethanol manufacturing, fish feed, sugar trading and fruit processing, and have attracted multiple competing bids, signalling rising appetite for the sector.
Across National Company Law Tribunal benches in Mumbai, Chandigarh, Hyderabad, Indore and Kolkata, at least eight food and agribusiness companies have changed hands in recent months through the corporate insolvency resolution process under the Insolvency and Bankruptcy Code.
The tribunal recently approved Arainfra Projects’ acquisition of Dhule-based Megi Agro Chem Ltd, which manufactures grain-based ethanol for pharmaceutical, potable alcohol and biofuel applications.
In January, the tribunal approved Supreme Capinfra Pvt Ltd’s acquisition of Mumbai-based C&M Farming Ltd, a poultry breeder and trader, through the insolvency process. Nimantran Horticulture Pvt Ltd and Salawat Real Estate had also sought to acquire the company.
Around the same time, the Chandigarh bench approved Shiva Shakti Grains (India) Pvt Ltd’s acquisition by SPSS Infrastructure Pvt. Ltd. Gurdaspur-based Shiva Shakti Grains manufactures and wholesales basmati rice, wheat and rice bran oil.