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The private equity arm of Anil Ambani’s Reliance Capital has acquired a stake in Mumbai-based VVF for Rs. 136 crore ($ 27.5 million). The deal involved investment in different entities of the VVF group by a combination of equity shares and compulsorily convertible debentures.
Amarchand & Mangaldas advised Reliance Equity Advisors with a team led by Partner Ganesh Prasad along with Senior Associate Himanshu Dodeja.
AZB & Partners advised VVF with a team led by Partner Alka Nalavadi.
VVF Limited is engaged in the business of manufacturing of oleo chemicals and personal care products. According to VCCircle, besides organic growth, VVF has expanded its manufacturing facilities overseas by buying plants from MNCs across the globe. In 2007, the company bought a major bar soap and home care liquid manufacturing facility in the USA from Colgate Palmolive. In 2008, it purchased a bar soap and noodle manufacturing plant from Henkel in Poland.
This is the fourth investment of Reliance Equity Advisors, which is currently investing from a fund worth Rs. 1,200 crore, raised from domestic investors. The PE firm made its debut by infusing Rs. 100 crore in Sarla Holdings, which runs international schools under the brand Pathways World School.
Last week, Reliance Equity Advisors invested Rs. 110 crore in Mumbai-based Max Flex and Imaging Systems Ltd, a manufacturer and distributor of printing-related consumables.