India Resurgence Fund, a joint venture between Piramal Enterprises and Bain Capital Credit, today announced an equity investment of ₹310 crore in Primacy Industries Limited. The investment proceeds will be used towards strengthening the balance sheet of Primacy and providing fresh capital to fuel its ambitious growth plans. Primacy is a manufacturer in the fast-growing contracting business for fragrance-based consumer products in air care, personal care, and health & hygiene categories. Shantanu Nalavadi, Managing Director, IndiaRF, 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 among 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. ”
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.