Global investment firm KKR revealed in a statement that it had reached the Rs 4,600 crore deal to buy a controlling stake in deodorant maker Vini Cosmetics. The co-founders of Vini Cosmetics will continue to hold a significant stake in the company after the deal as well, and Darshan Patel will continue to be chairman while Dipam Patel has been appointed vice chairman of the company.
Just a month ago, KKR announced it was paying $ 625 million or Rs.4,600 crore for a controlling stake in 11-year-old Vini, which manufactures and markets brands like Fogg. Now, with the new deal, Vini and the management of the cosmetics business are happy that this deal is very beneficial for the business. KKR’s industry experience, deep expertise and global network are invaluable resources for Vini and his long-term success, said the President.
âAs a strong leader in the growing Indian market for personal care products, Vini is a prime example of innovative and dynamic Indian companies that KKR supports to reach their full potential,â said Gaurav Trehan, Managing Director of KKR in India.
KKR is making this investment from its Asian Fund IV. Last year, it invested in JB Chemicals and Pharmaceuticals, Lenskart, non-bank lender Five Star and Reliance Jio. Its total investments in India amount to $ 5.7 billion.