India Resurgence Fund (IndiaRF) is a joint venture between Piramal Enterprises Ltd and Bain Capital Credit has said that it has invested Rs 310 crore ($42 million) in Primacy Industries Ltd. The investment proceeds will be used towards strengthening the balance sheet of Primacy and providing fresh capital to fuel its growth plans.

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Primacy is a manufacturer in the fast-growing contracting business for fragrance-based consumer products in air care, personal care and health and hygiene categories. With an operating footprint across India, the US, Europe, Middle East and Australian markets, Primacy caters to some of the largest retailers and consumer products companies in the US, Europe and India. On the back of its manufacturing, design strengths, reliable and collaborative supply chain, Primacy is well-positioned to provide various product solutions to meet the demands of global brands and private labels, the fund said in its statement.

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Piramal Enterprises Ltd-View Detailed Analysis