Winnipeg, Canada-based Ag Growth International (AGI), announced the acquisition of Bangalore-based Milltec Machinery Limited. The purchase price for Milltec was CA$109.5 million, plus the potential for up to an additional CA$38.4 million based on the achievement of EBITDA targets.
The deal enables the Canadian company to enter the rice equipment industry and establishes its platform in India. It also adds a complete rice processing product line to AGI’s catalog and provides greater access to the broader Asian markets.
Tim Close, president and CEO of Ag Growth International said, “The acquisition of Milltec marks an important step for AGI as we expand into rice equipment and enter the large, and rapidly growing, markets in India. India is one of the world’s largest producers and consumers of all agriculture products. Milltec joins AGI at an inflection point in its journey from a small regional company to a pan-India business. We will invest and collaborate to accelerate this journey.” The additional access to capital that AGI provides will support both domestic and export growth.
Last updated: December 26th, 2025
