Blackstone commits $44m to Indian fragrance maker

The investment in Mumbai-based SHK, which makes the specialty fragrance and flavor ingredients used by consumer goods companies such as ITC, Emami and Marico, represents Blackstone's first in the fragrance and flavor segment. The deal gives the company a valuation of INR7.36 billion.

A 65% stake in SHK will be retained by the Vaze family, who acquired it from the co-founding Kelkar family two years ago. A further 2% will be held by minority shareholders.

Akhil Gupta, senior managing director and chairman of Blackstone India, led the deal on behalf of the investment firm, while Keynote Corporate Services was the adviser.

Kedar Vaze, whose family are majority shareholders, holds the post of chief operating officer and director at SHK, although he reports to CEO B. Ramkrishnan.

Blackstone has to date invested around $2.5 billion in India, making it one of the nation's most active private equity investors. Last November, the group was reportedly considering injecting an annual sum of $500-720 million into the country over the next few years.

As part of this plan, the firm would complete five or six deals each year worth $100-120 million apiece.

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• Topics
• Expansion
• South Asia
• Industrials
• India
• The Blackstone Group
• Growth capital