India Resurgence Fund Invests INR 1,000 Cr in Anthea Aromatics, Takes Controlling Stake This investment marks the first deployment from IndiaRF's second fund, which is currently being raised, and its second investment in the specialty chemicals sector.
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India Resurgence Fund (IndiaRF), a joint venture of the Piramal Group and Bain Capital, announced that it has invested INR 1,000 crore in Anthea Aromatics Private Limited, becoming the controlling shareholder in the aroma chemicals firm.
This investment marks the first deployment from IndiaRF's second fund, which is currently being raised, and its second investment in the specialty chemicals sector.
Founded in 1992 by Dr Vincent Paul, Anthea Aromatics has grown into a leading player in the aroma specialty chemicals market. The company operates five manufacturing facilities across Maharashtra and Karnataka, with a combined annual capacity of 10,590 tonnes.
Anthea specialises in high-value chemicals used in flavors, fragrances, home and personal care, pharmaceuticals, and agrochemicals.
IndiaRF Managing Director Shantanu Nalavadi stated, "The Indian specialty chemicals sector is recognised for its reliability, quality, and cost competitiveness. Anthea's proprietary development capabilities and robust manufacturing processes position it to capitalise on growing export opportunities." Nalavadi added that IndiaRF is committed to enhancing Anthea's growth through capacity expansion, de-bottlenecking, and advanced R&D initiatives.
Anthea claims to derive over 80% of its revenue from international markets, holding a 12-15% global market share and ranking among the top five players worldwide in key product categories. The company's export-driven approach underscores its significance in the global flavors and fragrances industry.
Paul Menacherry, Executive Director of Anthea Group, added, "Anthea's legacy in the aroma chemicals industry aligns with IndiaRF's expertise in business transformation. Together, we aim to unlock significant export-led growth potential."
IndiaRF currently manages assets worth USD 850 million from its first fund, which has been fully deployed across 12 investments spanning nine sectors. The second fund's inaugural investment in Anthea underscores IndiaRF's focus on specialty chemicals and export-driven growth opportunities.
The infusion of INR 1,000 crore will enable Anthea to broaden its product portfolio and strengthen its position in the global market, further solidifying its role as a leader in specialty aroma chemicals.
