Avanti Feeds buys power company, reports 17.4 percent drop in sales

Hyderabad, India-headquartered Avanti Feeds, one of India’s top shrimp-feed producers, has acquired 100 percent of Srivathsa Power Projects, which operates a 17.2-megawatt natural gas-based power plant in the state of Andhra Pradesh.

Avanti Feeds, which already owned 49.9 percent of Srivathsa Power Projects, purchased the remaining 50.1 percent, or 16.7 million shares of the firm on 28 March, at a price of INR 2.30 (USD 0.02, EUR 0.03) per share, or INR 38.4 million (USD 467,000, EUR 430,000), according to a press release.

Avanti Feeds is involved in other power projects in India, including operating a 3.2-megawatt wind project in Chitradurg, Karnataka, India, and a 25.88 percent stake in Patikari Power, which operates a 16-megawatt hydropower project in Himachal Pradesh

Avanti, which is also a major exporter through its subsidiary Avanti Frozen Foods,  is 55 percent owned by Thai Union.

Avanti Feeds saw its gross income from the company’s shrimp-processing business drop 17.4 percent year-on-year to INR 2.56 billion (USD 30 million, EUR 29.3 million) in Q3 2023, which covered the period from 1 October through 31 December, 2022. The unit’s sales volume dropped 18 percent year-on-year, which the company attributed to postponements of shipments from foreign buyers, who were facing high inventory levels, Avanti Feeds Joint Managing Director C. Ramachandra Rao said during a quarterly earning call on 22 February …

Photo courtesy of Avanti Feeds