Mumbai: American private equity firm Blackstone Group will invest Rs 243 crore in fragrance manufacturer S.H. Kelkar (SHK).
Manufacturer and supplier of fragrances and flavour ingredients to leading consumer goods firms in India and abroad, the Mumbai-based firm caters to around 2,000 customers.
“The company has unique intellectual property and a strong market presence for over eight decades.
“In the domestic fragrance market, SHK is the leader with a large customer base and is the only Indian player of scale. We are excited to partner with SHK management as we foresee a huge growth opportunity for SHK – both in the domestic and other emerging markets, driven by the growth in personal consumption in India, Africa and South-East Asia,” said Akhil Gupta, Senior Managing Director, Blackstone India.
Manufacturing units
The investments from Blackstone will help SHK expand its presence in the global markets and consolidate its position in India, the latter said in a statement.
SHK Group, led by Ramesh Vaze, has three manufacturing units in India (two fragrance units in Maharashtra and one bulk aroma chemicals unit in Vapi, Gujarat) and a manufacturing unit in the Netherlands. Wayzata had invested $21 million in SHK in September 2010 through its Wayzata II Indian Ocean Fund.
The company, with revenues of about Rs 575 crore, recently opened offices in Singapore, Indonesia and Thailand for sales across South-East Asia.
It also has four R&D units in Mumbai, Bangalore, the Netherlands and Indonesia.
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