Hatsun Agro Product (HAP), a well-known producer and marketer of dairy goods such as milk, curd, ice cream, dairy whitener, skimmed milk powder, ghee, and paneer acquired a 100% share in Milk Mantra Dairy for a cash consideration of ₹233 crore. The acquisition is a strategic move to increase HAP's footprint in Odisha and the Eastern Indian dairy industry. HAP has signed share purchase agreements (SPAs) and other transaction documents with Milk Mantra Dairy's existing promoters and shareholders. Milk Mantra Dairy, known for its creative brand Milky Moo, has developed a solid niche in the Odisha market with a turnover of ₹276.42 crore for FY 2023-24.

HAP sources milk from 400,000 carefully selected farmers who raise high-quality livestock. The company's portfolio includes Arun, South India's premier ice cream brand; Arokya Milk & Milk Products, the country's largest private sector milk brand; Ibaco, a luxury ice cream chain; and Hatsun Dairy Products. With over 3,900 shops, HAP Daily has increased its penetration into historically strong Southern Indian areas. It has started to gain traction in Maharashtra, Kerala, Orissa, Goa, Chhattisgarh, Madhya Pradesh, and other states.

HAP added that the acquisition will not only boost its presence in Odisha but will also provide prospects to expand into other markets such as West Bengal and surrounding states. It will also complement HAP's other brands, including Arun, IBACO, Hatsun, and Arokya. The acquisition will provide HAP a "sizeable market share, wide distribution and procurement network, and two strategically located processing facilities" in Odisha, as well as a significant market presence for the Milky Moo brand. The move is anticipated to capitalise on HAP's position in North Andhra Pradesh and create synergies with Milk Mantra Dairy's extensive distribution and marketing network.