French company Lactalis agrees to buy Indian dairy producer

Groupe Lactalis, the maker of President brand cheeses, has agreed to buy Indian dairy producer Tirumala Milk Products from Carlyle Group LP and its owners, in its first acquisition in the South Asian nation.

Lactalis, based in France’s Loire Valley, will take over 100% of the Indian company and retain the existing management, spokesman Michel Nalet said. Nalet declined to comment on the terms of the deal. Carlyle, the world’s second-biggest buyout firm, invested €16m in the Indian company in 2010.

The deal will help Lactalis reduce its reliance on Europe, where it gets 60% of its revenue. Foreign companies announced €11.5bn of acquisitions in India last year, up from €8bn in 2012, according to data Bloomberg compiled.