Contract manufacturing firm Primacy Industries raises Rs.310-Cr from IndiaRF

India Resurgence Fund (IndiaRF), a joint venture between Piramal Enterprises Ltd and Bain Capital Credit, has invested INR 310 crore (USD 42 million) in the equity of Mangalore-based Primacy Industries Ltd, a contract manufacturer of fragrance-based consumer products in air care, personal care and health & hygiene categories. The proceeds will be used towards strengthening the balance sheet of Primacy and providing growth capital. With extensive operations based in Mangalore and Gujarat, Primacy caters to CPG companies in India as well as some of the largest retailers in the US, Europe, Middle East and Australian markets.