IDFC Private Equity, the private equity arm of Indian alternative asset manager IDFC Alternatives, has invested INR1.55 billion (approximately US$28.8 million) in Indian milk producer Parag Milk Foods through IDFC Private Equity Fund III. Existing investor Motilal Oswal Private Equity, the private equity arm of Indian financial services company Motilal Oswal Financial Services, partially exited its stake as part of the transaction, receiving INR650 million (approximately US$12 million). Both private equity firms will hold a combined 30 percent stake in the company, with the promoter, Devendra Shah, holding 60 percent.