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TVS Capital and IFC have invested Rs 124 crore in the Haryana-based Dunar Foods, a basmati rice processing company.
TVS Capital has pumped in Rs 50 crore. The investment has been made from its first fund TVS Shriram Growth Fund IA.
Dunar Foods is located in Karnal (Haryana) and has a presence in both the domestic and the export markets of West Asia, Europe and the US.
Dunar Foods, which has clocked revenues of Rs 1,000 crore, was founded in 1956 by Mr Surender Gupta's father.
It has a total production capacity of 50 tonnes an hour, which it plans to double in three years.
Mr Surender Gupta, Managing Director of Dunar Foods and a second generation entrepreneur, said, “TVS Capital has a great team in place and understands the rice business and we are certain to achieve greater growth in the future by this association. The investment by the two leading private equity funds demonstrates the robust business model of Dunar Foods and its competitive edge in the basmati rice business.”
Mr Gopal Srinivasan, Managing Direcotr of TVS Capital, said, “We believe in the company's growth potential because of the global branded rice business and the opportunity to scale the Indian retail business. Dunar is the 10th investment from the fund, which brings us close to the completion of investing from Fund IA.”
TVS Shriram Growth Fund IA is a Rs 600-crore domestic rupee fund managed by TVS Capital. The fund's vision is to nurture the country's mid-cap businesses into world class companies.
swethak@thehindu.co.in
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