Carlyle injects growth capital in India's Visen

The investment was made from the India-focused First Carlyle Ventures III (FCV III), managed by the $1.04 billion Carlyle Asia Growth Partners IV (CAGP IV). CAGP maintains a wider focus on key markets such as China and Korea as well as India, and is part of Carlyle's two-prong focus on Asian buyout and growth opportunities.

Visen manufactures a range of water-based polymer emulsions used for paint, textile, adhesive and construction products. Its regional clients include Asian Paints, Berger Paints, Kansai Nerolac and Jotun Paints, and also has relationships with buyers in the Middle East and Africa.

Managing Director and Head of Carlyle Growth Capital in India Shankar Narayanan said Visen was an attractive target given Indian consumers' evolving spending habits. He noted that "growing disposable incomes and increasing urbanization are fuelling the end consumption demand for paints, textiles, adhesives and construction, which leads to growth opportunity for high quality players such as Visen."

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• Topics
• South Asia
• The Carlyle Group