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India Resurgence Fund to acquire Anthea Aromatics for $125 million
Industry News- Nov 13,24
IndiaRF, which raised its inaugural $629 million fund with contributions from the Canada Pension Plan Investment Board (CPPIB) and World Bank’s IFC, invests across industrial, infrastructure, and consumer sectors, focusing on revitalising companies through recapitalisation and operational reforms
The India Resurgence Fund (IndiaRF), co-sponsored by Piramal Group and Bain Capital, is set to acquire a controlling stake in Anthea Aromatics, a specialty chemicals maker backed by ICICI Ventures, for $125 million, according to sources. ICICI Ventures, which invested Rs 1.2 billion in 2016 to secure a significant minority stake, is expected to exit entirely, while Anthea's promoters will retain a small holding. IndiaRF, a special situations fund, aims to inject fresh capital to support Anthea’s operational turnaround, with an official announcement anticipated soon.
Anthea Aromatics specialises in chemical intermediates used in flavors and fragrances and operates an R&D center in Navi Mumbai. However, the company has faced challenges with new manufacturing capacities in Karnataka, established in 2021, which have impacted its financial performance. For the first nine months of FY23, Anthea reported an operating revenue of Rs 580 million and a profit of Rs 85 million, following FY22’s revenue of Rs 842.1 million and a loss of Rs 524 million.
IndiaRF, which raised its inaugural $629 million fund with contributions from the Canada Pension Plan Investment Board (CPPIB) and World Bank’s IFC, invests across industrial, infrastructure, and consumer sectors, focusing on revitalising companies through recapitalisation and operational reforms. Recent deals include the Rs 16.5 billion acquisition of Ind-Swift Laboratories' API and CRAMS business, a controlling stake in the Ivy Hospitals chain for Rs 5.25 billion, and the 2022 acquisition of a majority stake in Impresario Entertainment, operator of the Social pub chain, for Rs 5.5 billion.
(Moneycontrol)
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