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Our Bureau

Mumbai, Feb. 5 The US-based global private equity fund Argonaut Private Equity, which manages more than $3.5 billion, has invested $7.5 million (Rs 30 crore) in Kochi-based Vallabhdas Kanji Ltd (VKL).

Argonaut funding will allow VKL to expand its global sales and marketing for private label business, strengthen its manufacturing capability further and leverage synergistic inorganic growth opportunities in India and abroad.

Mr Anil Khatod, Managing Director of Argonaut Private Equity, said: “The food processing industry in India is largely unorganised. This offers a player with VKL’s strengths an excellent opportunity to aggressively grow market share in their traditional as well as new market segments.”

Mr Ajay Mariwala, Managing Director, said: “Having the confidence of a PE fund like Argonaut gives VKL the added thrust to more aggressively pursue its growth plans. Rapid near-term inorganic growth is definitely on the cards.”

Argonaut’s investment follows an investment by UTI Venture Fund in 2006 that allowed VKL to set up a greenfield pepper processing facility in Vietnam and the acquisition of Beeta Chemicals, a leading flavours and fragrances firm in Mumbai.

More Stories on : Venture Capital | Foods & Food Processing

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