Milky Mist 2026 (IFC-52935)

Regions
  • South Asia
Geographic location where the impacts of the investment may be experienced.
Countries
  • India
Geographic location where the impacts of the investment may be experienced.
Specific Location
Perundurai, Tamil Nadu
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Jul 30, 2026
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
Milky Mist Dairy Food Ltd.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Agriculture and Forestry
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Equity
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 19.54 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 162.30 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 15530
Converted using 2026-07-30 exchange rate.
Primary Source

Original disclosure @ IFC website

Updated in EWS Oct 13, 2026

Disclosed by Bank Aug 27, 2026


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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

As stated by the IFC, the project consists of an equity investment in the form of common shares of an aggregate amount of up to INR 1,420 million (equivalent to approximately US$15.0 million), including as an anchor investor in Milky Mist’s initial public offering (IPO). IPO proceeds are expected to support expansion and modernization of the Company’s manufacturing facility in Tamil Nadu, purchase of visi-coolers, chocolate coolers and ice-cream freezers, repayment or pre-payment of the Company’s existing borrowings, and general corporate purposes.  

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

As stated on the project disclosure page, the IFC will invest via a subscription to common shares in Milky Mist’s IPO, including as an anchor investor. The IPO is expected to raise approximately INR 15,530 million, equivalent to US$164.0 million. IFC will invest an aggregate amount of up to INR 1,420 million (equivalent to approximately US$15.0 million) in the IPO.

Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

As stated by the IFC, Milky Mist is sponsored by Mr. Sathishkumar T, and Ms. Anitha S. Pre-IPO, the Sponsor Group holds 93.0%, Temasek holds 5.2%, and other investors hold the remaining 1.8% of the Company.

Founded in 1998 as a partnership firm, Milky Mist Dairy Food Limited ("the Company" or "Milky Mist") is currently a dairy company exclusively focused on value-added dairy products (“VADPs”). Milky Mist (https://www.milkymist.com/) offers a wide range of VADPs for daily consumer use, including cheese, paneer, butter, curd, ghee, yogurt, ice cream, ultra high temperature (UHT) processed long-shelf-life items, and other products, including frozen foods, ready-to-eat (“RTE”) and ready-to-cook (“RTC”) products.

The Company has built an integrated farm-to-retail model, sourcing more than 85% of its raw milk directly from 74,654 farmers across 25 districts in Tamil Nadu, Andhra Pradesh, Maharashtra and Karnataka located within ~400 km distance of its Perundurai (Erode, Tamil Nadu) dairy processing plant, procuring about ~294 million litres of raw milk per annum in FY2026. Milky Mist does not maintain its own captive animal farm for producing milk. The Company has established a three-tier procurement system, to ensure and retain milk quality, comprising 3,907 tech-enabled, village level automated milk collection units (AMCUs) for initial testing followed by 29 bulk or milk chilling centres for further analysis, and final testing at the Perundurai manufacturing facility. The lone integrated dairy processing Plant established about 10 years ago is a fully automated manufacturing facility that is USFDA approved and also houses the subsidiary company operations - M/s Asal Food Products Private Limited's frozen foods unit - that manufactures RTE and RTC products.

The company manages its own tech-enabled cold-chain logistics using internet of things (IoT) and real-time tracking, operating 63 raw milk transport vans, 282 reefer trucks, and 34 ambient trucks to supply to 57 clearing & forwarding agent warehouse depots. The company sells its products across 22 states and 5 union territories in India and exports to more than 15 countries, including Singapore, the United States of America, Middle Eastern countries and Australia.

The Company through its animal health team, provides support to dairy farmers covering training, providing cattle feed, promoting clean milk production programs, offering silage training, supplying fodder seeds, providing veterinary support, vaccinations, facilitating artificial insemination services, and assisting with obtaining loans to purchase cattle.

The Company also owns and operates (through third party engineering procurement and construction contractors) three (3) solar renewable energy (RE) plants of 29MW cumulative capacity and one wind turbine generator of 2MW capacity in the State of Tamil Nadu.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Milky Mist Dairy Food Ltd. Client Agriculture and Forestry

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Client - Milky Mist Dairy Food Limited:

Mr. S. Prakash - Company Secretary
Phone: +91-4242533238
Email: investor@milkymist.com
Address: SF. No. 43/1-4, Pattakaranpalayam, Perundurai - 638 057, Erode District, Tamil Nadu, India
Website: https://www.milkymist.com/

General IFC Inquiries - IFC Communications:

Address: 2121 Pennsylvania Avenue, NW, Washington DC 20433
Telephone: +1 202-473-3800
Fax: +1 202-974-4384

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org

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