MUMBAI: The India Resurgence Fund (IndiaRF) has agreed to invest up to Rs 1,000 crore in Anthea Aromatics.
IndiaRF is an India-focused investment platform promoted by the Piramal Group and global fund house Bain Capital in a joint venture. The investment gives IndiaRF a controlling stake in the aroma speciality chemicals firm founded by Dr Vincent Paul in 1992.
IndiaRF currently manages close to $850 million in assets from its maiden fund. The present investment is from its second fund. The first fund has been deployed in 12 investments spanning nine sectors.
Over the years, Anthea has grown into a leading aroma specialty chemicals group and operates five manufacturing facilities across Maharashtra and Karnataka.
Anthea has a combined capacity of 10,590 tonne per annum. It has a strong R&D setup and a track record of developing and producing a broad range of specialty chemicals.
The chemicals are used in flavors and fragrances, home and personal care, pharmaceuticals and agrochemicals.
The global aroma specialty chemicals market is over $5.5 billion and is growing 5-6 percent annually. Fragrance applications account for the largest share of over 70 per cent of the end use of aroma chemicals.
Anthea is largely export-driven, generating over 80 per cent of its revenue from international markets. It holds a global market and has a capacity share of 12-15 per cent. It is also ranked among the top five players worldwide in its key product categories.
Shantanu Nalavadi, Managing Director of IndiaRF said the domestic specialty chemicals sector, known for its reliability, quality, and cost competitiveness presents a strong export opportunity.
Paul Menacherry, the Executive Director of Anthea said he notices a significant export-led growth potential and IndiaRF’s expertise in business transformation will help unlock it.