Mumbai, Oct 13 (PTI) Distressed assets-focused India Resurgence Fund on Wednesday announced a Rs 310-crore investment in fragrance player Primacy Industries.

The investment proceeds will be used towards strengthening the balance sheet of Primacy and providing fresh capital to fuel its ambitious growth plans, as per a statement by the fund floated by Piramal Enterprises and Bain Capital.

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"We are excited to partner with Primacy and its management team to tap into significant growth and M&A (merger and acquisition) opportunities in the fragrance-based consumer product manufacturing space," the fund's Managing Director Shantanu Nalavadi said.

India is among the lowest-cost manufacturing destinations globally and there is potential for a high-quality global platform like Primacy to benefit from greater manufacturing outsourcing opportunities in fragrance and allied consumer product categories, he added.

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"Investment from IndiaRF will allow us to leverage their experience in bringing in operational excellence and accelerate our ambitious growth trajectory with best in class performance and profitability standards," the company's Chairman Gautham Pai said. HRS hrs

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