Piramal-Bain JV invests ₹310 crore in Primacy Industries

Our Bureau Mumbai | Updated on October 13, 2021

Primacy Industries’ candle-making factory at Baikampady Industrial Area in Mangaluru Mangalore   -  THE HINDU

Targets expansion of fragrance-based consumer products manufacturing business

India Resurgence Fund, a joint venture between Piramal Enterprises Limited and Bain Capital Credit, today announced an equity investment of ₹310 crore in Primacy Industries Limited.

The investment will be used to strengthen the balance sheet of Primacy and fund its growth plans.

Primacy is a manufacturer in the fast-growing contracting business for fragrance-based consumer products in air care, personal care and health and hygiene categories. With operations across India, US, Europe, West Asian and Australian markets, Primacy caters to retailers and packaged goods companies in the US, Europe and India.

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Shantanu Nalavadi, Managing Director, India Resurgence Fund, said, “We are excited to partner with Primacy and its management team to tap into significant growth and M&A opportunities in the fragrance-based consumer product manufacturing space. India is amongst the lowest-cost manufacturing destinations globally and we see huge potential for a high-quality global platform like Primacy to benefit from greater manufacturing outsourcing opportunities in fragrance and allied consumer product categories.”

Published on October 13, 2021

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