Piramal-Bain fund invests ₹310 crore in Primacy Industries

Our Bureau Mumbai | Updated on October 13, 2021

Shantanu Nalavadi, MD, IndiaRF

Investment will be used to strengthen balance sheet, fuel growth plans

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. ”

Published on October 13, 2021

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