Cyril Amarchand Mangaldas has advised Indian dairy company Parag Milk Foods on its initial public offering of 7.51 billion rupees ($111 million), with Jones Day and Khaitan & Co advising the underwriters.

The IPO underscores the big potential for milk and dairy products in India. HDFC Bank estimates that India overtaking the European Union to become the largest milk and dairy product producer by 2020. Per capita consumption of milk in India currently stands at 97 litres per year, well below that of most other major milk markets

The underwriters on the offering were Kotak Mahindra Capital, JM Financial Institutional Securities, IDFC Securities, and Motilal Oswal Investment Advisors.