Premji Invest (PI), the investment arm of Wipro Group chairman Azim Premji, today announced the acquisition of a significant minority stake in Hygienic Research Institute, one of the largest home grown hair—care— focused FMCG companies.
A statement from the Mumbai—based institute however did not share the investment details such as the quantum of stake being sold to Premji Invest and the price at which the sale has been concluded.
Premji Invest (PI), the investment arm of Wipro Chairman Azim Premji, has acquired a significant minority stake in Mumbai-based FMCG company Hygienic Research Institute Pvt Ltd. The financial terms of the deal were not disclosed.
Hygienic, which has presence across hair colour, hair care, skin care and fragrance categories, had posted a turnover of Rs 350 crore in FY 2015
“PI’s investment will spur us towards realising our vision of growing into a Rs 1,000 crore company in five years and creating significant stakeholder value. It will enable the unlocking of our brands’ true potential," said Manish Chhabra, CEO and Managing Director at Hygienic.
"We are poised to widen our footprint, commercialise innovative new products and deepen our professional products franchise. The partnership with PI will help us also to hone our capabilities through strategic investments in automation of factories, upgradation of IT systems, and renewed thrust on research and development," he added.
Hygienic has15 lakh retail outlets, 1,000 modern trade outlets and 15,000 salons.
Candle Partners, Mumbai-based investment banker, was the financial advisor to Hygienic, while Alvarez &Marsal India was the transaction advisory associate for both Hygienic and PI.