AVCJ

ICICI Venture in talks to buy Maja Health Care

  • Alvina Yuen
  • LinkedIn  
  • Google plus  
  • Save this article  

ICICI Venture is in talks to pick up a stake in Maja Health Care, a division of Vi-John Group that manufactures shaving cream and other personal care products.

Both companies have held at least three meetings to discuss the stake sale, a person directly involved in the negotiations told the Economic Times.

Established in 1960, the company had sales of INR 1.75 billion ($32 million) during the last financial year. Its CEO, Vimal Pande, expects the turnover to reach INR5 billion by 2015 after an aggressive expansion of product portfolio and distribution is employed. Maja may also explore an IPO after three years.

The company has deployed aggressive advertising strategies to increase its consumer base. Shahrukh Khan, Bipasha Basu, Sonali Bendre and Emraan Hashmi are among the Bollywood stars who endorse the company's healthcare products.

Last month, Government of Singapore Investment Corp. (GIC) and Baring India Private Equity planned to purchase a 4.8% stake in Marico, the leading Indian manufacturer of personal care products, for INR5 billion ($97.7 million). The proceeds would partly be used to finance Marico's acquisition of Paras Pharmaceuticals' personal care brands.

 

  • LinkedIn  
  • Google plus  
  • Save this article  

More on South Asia

Latest News

world-hands-globe-climate-esg
Asian GPs slow implementation of ESG policies - survey

Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...

  • GPs