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Global investment firm KKR on Thursday said it has completed the Rs 4,600-crore deal to buy a majority stake in deodorant maker Vini Cosmetics.
Vini Cosmetics' co-founders continue to hold a significant stake in the company after the deal as well, a KKR statement said, adding Darshan Patel will continue to be Chairman while Dipam Patel has been appointed as the vice chairman.
In June this year, KKR had announced that it is paying USD 625 million or Rs 4,600 crore for a majority stake in the 11-year-old Vini, which manufactures and markets brands like Fogg.
We are really excited to welcome KKR as a strategic shareholder in Vini, as we embark on the next stage of our growth journey, Darshan Patel said.
He added that KKR's industry experience, deep expertise, and global network are invaluable resources to Vini and its long-term success.
As a strong leader in India's fast-growing personal care products market, Vini is a great example of innovative, dynamic homegrown Indian companies that KKR supports to reach their full potential, KKR's chief executive in India, Gaurav Trehan said.
KKR is making this investment from its Asian Fund IV. In the last year, it has invested in J B Chemicals and Pharmaceuticals, Lenskart, non-bank lender Five Star and Reliance Jio. Its total investments in India stands at USD 5.7 billion.
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