India Resurgence Fund (IndiaRF), a joint venture between Piramal Enterprises Ltd and Bain Capital Credit, has announced that it has invested Rs.310 crore ($42 million) in Primacy Industries. The investment proceeds is expected to be used towards reinforcing the balance sheet of Primacy and providing fresh capital to fuel its growth plans.

Primacy is a manufacturer in the fast-growing contracting business for fragrance-based consumer products in air care, personal care and health and hygiene categories. With an operating footprint across India, U.S., Europe, Middle East and Australian markets, Primacy caters to some of the largest retailers and consumer products companies in the U.S., Europe and India. On the back of its manufacturing, design strengths, reliable and collaborative supply chain, Primacy is well positioned to provide various product solutions to meet the demands of global brands and private labels, the fund said in its statement.

Shantanu Nalavadi, managing director, IndiaRF says, “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 amongst 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 & allied consumer product categories. IndiaRF continues to stay focused on partnering with businesses with strong fundamentals and solid management teams to augment their balance sheets and provide growth capital.”

India Resurgence Fund invests capital in the form of both debt and equity. The fund looks to invest in companies that have fundamentally strong growth prospects linked to infrastructure and consumption needs of India and are competitive on cost and quality in the export markets.

Gautham Pai, Chairman, Primacy Industries says, “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."