Chennai based FMCG firm CavinKare Pvt Ltd is planning to raise as much as Rs 350 crore by selling 10 per cent stake to private equity firm ChrysCapital, said a media report.
The company, which sells popular products like Chik Shampoo, Spinz Talc, and Nyle cold cream, plans to use the funds to expand its product portfolio. The company, which also runs a salon business, plans to increase the number of salons to 350 from 110 within two years.
The development comes at a time when PE firms are vying for Indian FMCG sector which is expected to reach USD 33 billion by 2015 from USD 13 billion as of 2012. Last year, Singapore government owned Temasek acquired 5 per cent stake in Godrej Consumer for Rs 685 crore, while Baring India PE acquired 5 per cent in Marico for Rs 500 crore.