The private equity arm of Indian banking giant ICICI is understood to be in talks buy a stake in Delhi-based personal care product maker Maja Health Care.
ICICI Venture plans to pick up the stake following the company’s aggressive marketing strategy involving famous faces from the Bollywood movie scene, according to a report in the Economic Times.
Company CEO Vimal Pande told the newspaper it could not comment on the situation, but said it planned to almost triple its turnover by 2015 before exploring an IPO.
ICICI Venture is currently investing from its India Advantage Fund Series 3, and has a total of $1.45bn under management across its three funds.
It aims to take stakes in established businesses which are either leaders or prospective leaders in their respective markets, with potential for value creation.
Last week Providence Equity Partners sold US-based Decision Resources Group to India’s Piramal Healthcare for $635m, while several days earlier India Value Fund Advisers bought a minority stake in Manipal Hospitals for about $93m.
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