Azim Premji's PE arm Premji Invest bought a stake in Heritage Foods, as stated on IIFL and BS.

However the details of the deal were not disclosed and it could be a possibility that the stake might be bought from the recent stake seller – Kotak India Focus Fund.

Kotak recently sold over 5.64% of its previously held 8.93%.

Nirvana Holdings is another significant stakeholder in the company having 11.16% stake.

Also the company is in advanced stages of spinning off its retail arm.

Azim Premji is currently involved in a court battle with another food retail company – Subhiksha, in which it invested R230 Cr for 10% stake in 2008.

Heritage Group is a two decade old enterprise founded by Sri Nara Chandra Babu Naidu. It operates four business divisions – Dairy, Retail, Agri and Bakery under its flagship company, Heritage Foods.

Its milk products have market presence in AP, Karnatake, Kerala, Maharashtra and Orissa with retail stores across Bangalore, Chennai and Hyderabad. Integrated agri operations are in Chittoor and Medak Districts and these are backbone to retail operations and the Bakery division at Uppal, Hyderabad.

A study recently revealed that the packaged food industry in India is likely to double by 2015 to touch $30 Bn from the current $15 Bn owing to the rise in income, changing urban lifestyle and modern retail trade.

One of the significant and largest investments this year in the dairy space was IDFC PE investing R155 Cr in Parag Milk Foods for a minority stake.

Actis was looking to sell its stake in The Nilgiri Dairy Farm to Singaporean Sovereign fund, Temasek.

Maiyas Beverages And Food was all set to raise PE funds of around $20 Mn for expansion and Future Ventures acquired 100% stake in Express Retail Services Pvt. Ltd. for R61.35 Cr.

Premji has interests in Fab India, JSM Corp, Trent and Manipal Global Education and Healthcare Global.

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