Milk Mantra is a dairy that operated the Milky Moo brand in Odisha. In January 2025, Hatsun Agro Product, the largest dairy in South India, acquired all of its shares for ₹233 crore, and it was merged in that April.
| Item | Details |
|---|---|
| Established | August 2009 |
| Headquarters | Bhubaneswar (Odisha) |
| Founder | Srikumar Misra (formerly of the Tata Group), Rashima Misra, Ashit Mahapatra |
| Revenue | ₹279 crore (fiscal year ending March 2024) |
| Brand | Milky Moo (milk, yogurt, cheese, shakes) |
| Processing sites | Two locations within Odisha |
| Current status | Hatsun Agro Product (HAP) acquired all shares in January 2025 for ₹233 crore. Merged into HAP effective April 1, 2025, and no longer exists as an independent legal entity |
On January 20, 2025, the board of Hatsun Agro Product (HAP) approved the acquisition of all shares in Milk Mantra for ₹233 crore, and the acquisition was completed on January 27. It was then merged in effective April 1, 2025, and Milk Mantra Dairy Private Limited no longer remains as a legal entity.
HAP is headquartered in Chennai and is strong in South and West India with brands such as Arun, Ibaco, Hatsun, and Arokya. It had no base in East India. Milk Mantra had two processing sites in Odisha and a milk collection network, and had secured shelf space within the state with the Milky Moo brand. What HAP bought was less the facilities than the collection network and the shelf space.
In dairy, the milk collection area and the processing capacity determine the scale of the business. Even a company that is strong within one state loses out on both procurement prices and advertising once national brands come in. Milk Mantra reached a sale just as it posted revenue of ₹279 crore in the fiscal year ending March 2024 and turned EBITDA positive for the first time, at 6%. Being taken in by a major player just short of profitability is not unusual for regional dairies in India.
When a Japanese company sources dairy products in India, mid-sized brands in a given state may change parent companies within a few years. It is better to confirm in advance who the counterparty to the contract will be and where responsibility for supply moves.
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