Harmony Organics, a specialty chemicals company, announced on Monday that it had raised Rs 225 crore from Piramal Alternatives, the Piramal Group’s fund management business, to tap into growing global opportunities in the fragrance and flavour industry.
According to the company, the funds raised from Piramal Alternatives are in the form of convertible securities.
Harmony Organics’ Managing Director and CEO, Sandeep Mehta, stated that the company plans to make strategic investments to build and expand facilities at existing and new locations in the coming 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.
He added that the plan is to take the company public in the coming years based on its strong growth trajectory and ability to expand its product portfolio.
“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 firm produces phenyl ethyl alcohol (PEA), and its aroma chemicals are used in the fragrance and flavour industries. The company’s flagship products are PEA and Cinnamic Aldehyde, and it has a factory in Pune with an installed production capacity of 20,000 tonnes per year.