India Resurgence Fund (IndiaRF), an India-focused investment platform promoted by Piramal Enterprises and Bain Capital, on Monday said it has agreed to invest Rs 1,000 crore ($118 million) for a controlling stake in chemicals manufacturer and exporter Anthea Aromatics.
Founded in 1992, Anthea Aromatics manufactures products catering to flavours and fragrances, home and personal care, pharmaceutical, and agrochemical industries with five manufacturing units across four locations in India through two joint venture companies: DRT Anthea Aroma Chemicals and Catasynth Specialty Chemicals.
Anthea’s investment is IndiaRF’s first investment from its second fund, which is currently being raised, and its second investment in the specialty chemicals sector, after Archean Chemical Industries.
Its investment in Anthea also comes as the global aroma specialty chemicals market size is valued at over $5.5 billion and is growing at a rate of around 5-6% annually.
“Indian specialty chemicals sector is known for its reliability, quality, and cost competitiveness, and presents a strong export opportunity. Anthea’s market presence, proprietary development capabilities and manufacturing processes make it well-positioned to benefit from the opportunities that will present themselves. The business needs capital infusion and leadership augmentation for its next phase of growth,” Shantanu Nalavadi, Managing Director of IndiaRF, said.
IndiaRF currently manages close to $850 million in assets from its maiden Fund 1, which is fully allocated across twelve investments spanning nine sectors. Its other investments in India include Ivy Health and Life Sciences, Impresario Entertainment and Hospitality and Setco Automotive.
