logo
  

KKR To Buy Controlling Stake In India's Vini Cosmetics

Global investment firm, KKR & Co. Inc. (KKR) said it is investing about $625 million to buy majority stake in Indian-based personal care and beauty products company Vini Cosmetics. The deal is expected to close in July 2021, subject to customary closing conditions.

In accordance with the deal, Vini's Founder Group - led by Darshan Patel, Chairman & Joint-Managing Director, and Dipam Patel, Joint-Managing Director - and Sequoia Capital will sell a majority stake to KKR, while they will continue to hold a significant stake in Vini.

Upon completion of the deal, Darshan Patel will continue as the Chairman of Vini's Board and Dipam Patel will be named Vice Chairman of the Board.

Also, existing investor WestBridge Capital will acquire a further stake from the Founder Group to increase its stake in Vini, which owns branded deodorants, cosmetics and toiletries such as FOGG, OSSUM and GlamUp.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Drug major Pfizer has again expanded the earlier two recalls of its anti-smoking Drug Chantix (Varenicline) in the form of tablets, to now include all the lots, for the potential presence of nitrosamine impurity, N-Nitroso- varenicline, at or above the FDA interim acceptable intake limit (ADI), the U.S. Food and Drug Administration or FDA said in a statement. Department store chain Sears is closing down its last store located in its home state of Illinois, CNBC reported. The company, which was founded in Chicago in 1892, plans to shut the shop, located in Simon Property Group's Woodfield Mall, on November 14. Sears' parent company, Transformco, which also manages the real estate, said it plans to maximize the value of the Woodfield Mall property and Amazon said over 1 million people have applied for a job at the tech major as part of its Career Day 2021. Job seekers from more than 170 countries have participated in the virtual event. In addition, more than 2,000 Amazon recruiters offered 30,000 individual career coaching sessions with participants in a single day.
Follow RTT