Dalmia Continental, flagship company of Dalmia Jain Group is planning to raise R25Cr PE investment by offloading 22% stake in the company for further expansion in its FMCG business.
The company plans to use the funds for marketing expenses to promote its Leonardo brand in the FMCG category, BL stated.
In September, Italian firm Nicola Pantaleo acquired 27% stake in the company. Nicola Pantaleo have been supplying olive oil to Dalmia Continental from 2003. It partnered with Pantaleo for stability of supply and guarantee of best prices.
The Foreign Investment Promotion Board (FIPB) has approved the single FDI case of Bhartiya Samruddhi Investments and Consulting Services for the induction of foreign equity in the investing company of R27.72 Cr.
Luxury Hues, a marketing consultancy and shopping venture for luxury goods, has raised about R6 Cr ($1 Mn) in a fresh round of funding from from Reliance Capital and investment banker Ravi Viswanathan.