Specialty chemicals company Harmony Organics on Monday said it has raised Rs 225 crore from Piramal Alternatives, the fund management business of the Piramal Group, to tap into growing global opportunities in the fragrance and flavour industry.
The funds raised from Piramal Alternatives are in the form of convertible securities, the company said in a statement. Sandeep Mehta, Managing Director and CEO of Harmony Organics said the company is planning to make strategic investments to build and expand facilities at the existing and new locations in the next couple of quarters. “The current funding is against the issuance of convertibles for the purpose to expand capacities and explore inorganic opportunities. This expansion will result in Harmony becoming one of the leading aroma chemical players in the country, ” he said.
Overall, the plan is to take the company public in the next couple of years based on the strong growth trajectory and ability to expand its product portfolio, he added. “Through Piramal Alternatives, we aim to aid mid-market companies by providing flexible, bespoke, and value accretive capital, ” Kalpesh Kikani, CEO of Piramal Alternatives said. The Pune-based company is the manufacturer of Phenyl Ethyl Alcohol (PEA) and its aroma chemicals are used in the fragrance and flavour industry. The company’s flagship products are PEA and Cinnamic Aldehyde, with an installed production capacity of 20,000 tonne per year at its factory located in Pune.
