Harmony Organics, a manufacturer of specialty chemicals, had secured Rs 225 crore from Piramal Alternatives, the Piramal Group’s fund management division, in order to capitalise on expanding international prospects in the fragrance and flavour sector.
The company plans to make strategic investments in building and expanding facilities at existing and new locations in the next quarters, as reported by YourStory.com
“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.
“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.
About Harmony Organics
Harmony Organics is a leading manufacturer of Aroma Chemicals for the Fragrant and Flavour Industries. Their flagship product, phenyl ethanol, has an established manufacturing capacity of 6,000 metric tonnes annually. The second-biggest producer of PEA worldwide and the largest in India is Harmony Organics.