Dhanuka Agritech to get $7.4 million from Lighthouse Funds
Lighthouse Funds is reportedly set to invest INR34 crore ($7.4 million) into publicly-listed Dhanuka Agritech, a producer of agricultural fertilizers, chemicals and seeds.
Lighthouse aims to make its investment through its mid-market fund India 2020 Ltd., which has $125 million under management. Following the allocation of shares, India 2020 could wind up with a more than 8% stake in the company on a post dilution basis, according to local reports.
Though listed on the BSE, Dhanuka is reportedly 90% owned by its promoters, which is expected to decrease following the deal. The company reported a 21% increase in YoY revenues to INR407 crore ($88.3 million) between 2009 and 2010, and an increase of 57% in net profit, to INR36.4 crore ($7.9 million).
R.G. Agarwal, Dhanuka Agritech's Group Chairman, told local media earlier this month that the company looks to significantly bolster its production operations, with plans to launch two products by the end of 2010 and 10 products to come in the years after, mainly in an effort to compete with China's production industry.
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