Global investment firm KKR in a statement revealed that it has completed the Rs 4,600-crore deal to buy a majority stake in deodorant maker Vini Cosmetics. Vini Cosmetics’ co-founders will continue to hold a significant stake in the company post the deal also, and Darshan Patel will continue to be Chairman while Dipam Patel has been appointed as the vice chairman for the company.
Just a month back, 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. Now with the new deal, Vini and the management with the cosmetics company is happy that this deal will be highly beneficial for the company. KKR’s industry experience, deep expertise, and global network are invaluable resources to Vini and its long-term success, the Chairman was quoted saying.
“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.