Tirumala Milk Products (P) Ltd entered into share purchase agreement to acquire Dairy Product Business of Prabhat Dairy Limited (BSE:539351) for INR 4.7 billion on January 21, 2019. In a related transaction, Tirumala Milk Products (P) Ltd entered into share purchase agreement to acquire Sunfresh Agro Industries Private Limited from Cheese Land Agro (India) Private Limited for INR 12.3 billion on January 21, 2019. The transaction is subject to approval from Competition Commission of India. The Board of Directors of Prabhat Dairy Limited approved the transaction. As of March 26, 2019, the Competition Commission of India approved the transaction. As of March 27, 2019, the shareholders of Prabhat Dairy Limited approved the transaction. The transaction is expected to close in the first quarter of 2019. Kotak Mahindra Capital Company Limited acted as financial advisor and Nandish Vyas, Somrita Chatterji, Abhipsita Kundu, Devesh Saboo, Tejas Shah and Geet Sawhney of Veritas Legal acted as legal advisor to Prabhat Dairy Limited. Rachna Jain, Aneesh Gupte, Megha Sharma, Shireen Langrana, Sweta Rao and Shreya Iyer of Desai & Diwanji acted as legal advisor to Tirumala Milk Products Pvt Ltd. Raghubir Menon of Shardul Amarchand Mangaldas & Co acted as legal advisor to Prabhat Dairy Limited.