India Resurgence Fund (IndiaRF), a joint venture between Piramal Enterprises Limited and Bain Capital Credit, today announced an equity investment of Rs 310 crore ($42 million) in Primacy Industries Limited (“Primacy”).
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 leading manufacturer in the fast-growing contracting business for fragrance-based consumer products in air care, personal care and health & hygiene categories.
With an operating footprint across India, US, Europe, Middle East and Australian markets, Primacy caters to large retailers and CPG companies in the US, Europe and India.
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.”
Gautham Pai, Chairman, Primacy Industries Limited said, “Investment from IndiaRF will allow us to leverage their experience in bringing in operational excellence and accelerate our ambitious growth trajectory with best in class performance and profitability standards”.