MUMBAI: Hair-care player Hygienic Research Institute (HRI) today said Wipro chairman Azim Premji's investment firm has invested Rs 216 crore in it.
HRI, which makes the popular brands Super Vasmol 33 and Streax, did not elaborate on the quantum of the stake which has been sold to Premji Invest (PI) or the valuation details.
The company's managing director and chief executive Manish Chhabra said the investment will help increase the turnover to Rs 1,000 crore in five years from the Rs 350 crore in 2014-15.
Wipro Group, a major software services player, also has a big presence in the FMCG space including soaps as well as shampoos with brands like Santoor and Chandrika.
HRI has various hair colour products across all formats -- powder, creams and Henna -- which cater to both consumers and professionals. It has a reach covering 15 lakh retail outlets, 1,000 modern trade outlets and 15,000 salons.
Chhabra said the partnership will help it hone capabilities through strategic investments in automation of factories, upgradation of IT systems, and renewed thrust on research and development.
He further said the five decades old company is poised to widen its footprint, commercialise innovative new products and deepen professional products franchise.
The investment of growth capital investment will be accompanied by access to a wide network of senior consumer industry practitioners, he added.