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India Resurgence Fund (IndiaRF) has invested Rs 1,000 crore in Anthea Aromatics Private Limited.

Post the transaction, IndiaRF has become the controlling shareholder of Anthea, an aroma chemical company, the company said in a statement.

This marks IndiaRF’s first investment from its second fund, which is currently being raised, and is also the company’s second investment in the speciality chemicals sector.

“Indian speciality chemicals sector is known for its reliability, quality, and cost competitiveness, and presents a strong export opportunity. Anthea’s market presence, proprietary development capabilities and manufacturing processes make it well-positioned to benefit from the opportunities that will present themselves,” said Shantanu Nalavadi, Managing Director, IndiaRF.

“We are committed to investing in the growth of Anthea through capacity addition, de-bottlenecking existing capacities, and enhanced R&D to broaden its product offerings,” he added.

The India-focused investment platform promoted by Piramal Group and Bain Capital currently manages close to $850 million in assets from its maiden Fund 1, which is fully allocated across twelve investments spanning nine sectors.

“Anthea is one of Indian’s oldest aroma chemical companies with a strong legacy of developing high-value specialty chemicals for the global flavors and fragrance industry. We see significant export-led growth potential which IndiaRF’s expertise in business transformation will help unlock,” said Paul Menacherry, Executive Director, Anthea Group.

Anthea, which was founded in 1992 by Dr Vincent Paul, operates five manufacturing facilities across Maharashtra and Karnataka, with a combined capacity of 10,590 tonnes per annum.