Bengaluru, Oct 26 (IANS) Wipro czar Azim Premji has invested Rs.216 crore in a leading consumer care firm through his family investment arm Premji Invest.
“We have raised Rs.216 crore from Premji Invest. The fresh capital will spur us to grow into a Rs.1,000-crore company in five years from Rs.350 crore last fiscal,” the Mumbai-based Hygienic Research Institute (HRI) Ltd said in a statement on Monday.
The company, however, did not share details of how many equity shares were allotted to Premji Invest, at what price and premium, if any, charged or the share-holding pattern post this round of investment.
Candle Partners, Mumbai-based investment bankers and Alvarez & Marsal India were transaction advisors to Premji Invest.
“Premji’s investment will create stakeholder value and enable us to unlock our brands’ true potential,” Hygienic chief executive Manish Chhabra said in the statement from Mumbai.
With 1.5-lakh retail outlets, 1,000 trade outlets and 15,000 salons across the country, the 65-year-old fast-moving consumer goods (FMCG) company makes and markets hair colour, hair care and skin care products in powder, creams and henna formats to consumers through its brands,
“We are at an inflection point in our growth journey, as we are widening our footprint, commercialising new products and deepening franchise,” said Chhabra.
Billionaire Premji had hived off his global software services from consumer care business, which sells soaps and shampoos and personal care products.
“Partnership with Premji Invest will help us to hone our capabilities through strategic investments in automation of factories, upgradation of IT systems and thrust on research and development,” Chhabra added.
Hygienic has also presence in Bangladesh and Nepal and its products are exported to about 20 countries.