IIFL backs nutraceutical firm; Kotak fund, PremjiInvest bet on Gold Plus

IIFL AMC, the asset management arm of financial services group IIFL, has acquired a minority stake in nutraceutical ingredients provider OmniActive Health Technologies Ltd.

IIFL AMC said it routed the transaction through the IIFL Special Opportunities Fund series, the private equity fund that makes late-stage investments in startups or companies about to go public. It didn’t disclose financial terms of the deal.

Established in 2005, OmniActive is also backed by global private equity firm TA Associates.

Investec acted as the sole sell-side financial advisor on the transaction.

“We believe that this group is well poised to capture the increasing trend towards health-conscious lifestyle and focus on natural health supplements. OmniActive has built a strong reputation and deep customer relationships with leading global brands,” said IIFL AMC’s private equity head Anshuman Goenka.

Gold Plus

Kotak Special Situations Fund and the family office of Wipro’s Azim Premji have invested Rs 600 crore (around $80 million) in New Delhi-based Gold Plus Glass Industry Ltd.

The Special Solutions Fund, which is managed by Kotak Investment Advisors, will invest Rs 450 crore by subscribing to compulsorily convertible debentures while existing backer PremjiInvest will infuse Rs 150 crore.

PremjiInvest had picked up a 19% stake for $58.45 million in 2018 at a valuation of $248 million.

Gold Plus, which is India’s second-largest float glass manufacturer after Saint Gobain, will use the funds to expand its capacity by setting up two new float glass and one solar glass manufacturing facilities.

The company currently has two manufacturing lines in North India, and offers a full bouquet of product offerings of clear glass and value-added glass.