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.
After five months of negotiations and competitive bidding, the global PE funds Warburg Pincus and General Atlantic, emerge as the frontrunner to buy a majority stake in brokerage and financial services firm, Sharekhan at a deal valued between R2,000- 2,400 Cr.