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| VLCC gets Rs 500 mn investment from Indivision | | | Jammu, Feb1
India's leading health and beauty services and personal care products player, VLCC has received a Rs. 500 million investment from Indivision India Partners, a private equity fund promoted by Future Capital Holdings, the Financial Services arm of the Future Group.
This investment would be made in VLCC Health Care Limited, which manages the VLCC brand of businesses spanning a chain of slimming, beauty and fitness centers, manufacturing and marketing of personal care products and management of educational institutes for Beauty and Health.
The investment is structured in the form of a Convertible Debenture and the proceeds will largely be used to fund the expansion of new VLCC centers both in India and overseas. In addition, the funds will also be utilized in growing the company's subsidiary, VLCC Personal Care Ltd., engaged in manufacturing and marketing ayurvedic/herbal personal-care products.
Elaborating on the rationale behind receiving this investment, Mukesh Luthra, Chairman & Managing Director, VLCC Health Care Ltd., said, "We plan to be a 300 centre strong company in the next three years, with a significant presence in international markets. Also on the cards by 2010 is an Rs.10 billion turnover. Another area where the investment would play a key role is in building VLCC Personal Care Ltd. into a leading player in the personal care products segment. Overall, this investment would help us achieve faster growth and strengthen our efforts to further consolidate our leadership position, for in addition to investing into the company; Indivision shall add considerable strategic value to the business. We are indeed pleased to have them as our investment partner." |
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