KARACHI: In partnership with the World Bank Group's International Finance Corporation and the Dutch development bank FMO, Royal FrieslandCampina N.V. has acquired a majority stake of 51 percent in Engro Foods, Pakistan's second largest dairy producer.
A statement here on Tuesday said that Through the strategic alliance, Engro Corporation will remain a significant shareholder and partner in Engro Foods.
The Pakistan dairy company is the country's second largest dairy producer. Engro Corporation will remain shareholder and significant partner in Engro Foods.
The execution of this transaction, as approved by competition commission and other relevant authorities, is one of the single largest private sector Foreign Direct Investment (FDI) in Pakistan in recent years, amounting to a total investment of USD 450 million (430 million Euros), the statement added.
It said that FrieslandCampina and Engro Foods expect to take advantage of the conversion of the market from loose to packaged dairy consumption, which is expected to accelerate in the near future as a result of the growing middle income class, a desire for higher quality milk as well as the increasing urbanisation.
As part of Business Group FrieslandCampina Consumer Products Asia, Engro Foods will continue to operate under its own name.
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