Mukka Proteins Completes Full Acquisition of Haris Marine

Mukka Proteins Limited announced on March 25, 2026, that it has agreed to purchase the final 2% equity share capital in its subsidiary, Haris Marine Products Private Limited (HMPPL). The transaction, valued at ₹19.64 lakh, will increase Mukka Proteins' stake from 98% to 100%. The agreement was made with the current shareholders: Mr. Kalandan Mohammed Haris, Mr. Kalandan Mohammed Althaf, Mr. Kalandan Mohammad Arif, and Mr. Kalandan Abdul Razak.

Strategic Rationale

Gaining full ownership of Haris Marine Products is expected to streamline management and financial reporting, enabling complete integration of operations and strategic decisions. This move aligns with Mukka Proteins' broader strategy to strengthen control over its key assets and business segments.

Company Background

Mukka Proteins specializes in producing fish meal, fish oil, and fish soluble paste, ingredients vital for animal feed including aqua, poultry, and pet food. The company has also diversified into alternative proteins like insect meal. Its subsidiary, Haris Marine Products, established in October 2019, manufactures and exports fish meal and fish oil. Haris Marine shares its registered address with Mukka Proteins, suggesting close operational ties. Mukka Proteins has a track record of growth through strategic acquisitions, recently focusing on consolidating holdings and expanding internationally.

Operational Impact

With 100% ownership, Mukka Proteins gains full control over Haris Marine's operations and financials. This allows for direct implementation of strategic visions and enhances the potential for integrating Haris Marine's activities into Mukka Proteins' broader value chain.

Financial Concerns and Risks

Concerns have surfaced regarding Haris Marine Products' financial performance for FY 2024-25. The subsidiary reported nil turnover but a notable Profit After Tax (PAT) of ₹2.24 crore. This unusual financial profile warrants close observation. The transaction also involves related parties, as Mukka Proteins' promoters are shareholders/directors of Haris Marine, necessitating vigilance for potential conflicts of interest. Mukka Proteins itself faces a customs duty demand of ₹7.67 crore stemming from a December 2025 enforcement order, and has a history of tax disputes, including an income tax search and seizure action in February 2018.

Market Landscape

Mukka Proteins operates within India's competitive animal feed and protein ingredients market, facing rivals such as Godrej Agrovet Limited, Cargill India, and Avanti Feeds Ltd. These competitors, like Mukka Proteins, are emphasizing product quality, research, sustainable sourcing, and alternative protein development.

Future Outlook

Investors will be monitoring Haris Marine Products' performance under full ownership and its consolidated contribution to Mukka Proteins' financials. Explanations for the subsidiary's unusual FY25 financial results will be key. Tracking the resolution of the customs duty demand and any other ongoing tax matters is also important, alongside Mukka Proteins' future integration plans for Haris Marine and its broader expansion strategies, particularly following recent fundraising.