Home >Companies >News >Camlin Fine Sciences raises $23.8 million from Convergent Finance

Convergent Finance LLP, an investment advisor to Infinity Investment Management, on Thursday said that it is investing up to Rs180 crore ($23.8 million) in Camlin Fine Sciences Ltd, a vertically integrated company engaged in the manufacturing of antioxidants and aroma chemicals supplying the food industry globally.

The investment is structured as a subscription to equity warrants and will result in an approximately 22.65% ownership stake on a fully diluted basis.

“This investment is a vote of endorsement for Camlin, and a reflection of the extraordinary transformation underway within our company. Given our M&A oriented strategy, this investment and the partnership that it brings with Convergent will enable us to leverage Convergent’s deep global expertise and relationships while benefiting from their strategic guidance," said Ashish Dandekar, managing director of Camlin.

Camlin is engaged in the research, development, manufacturing, and marketing of specialty chemicals and blends, which are used for many applications in the food industry and beyond. Camlin has manufacturing facilities in India, Italy, Mexico, China and Brazil with R&D centres at India and Italy and application labs in India, Mexico, Brazil, USA and Italy. The company serves customers in more than 80 countries across the globe with more than 100 products.

"Camlin is well-positioned to benefit from the current supply-chain disruption and the overall shift towards moving manufacturing away from China to other cost-efficient locations including India," said Harsha Raghavan, managing partner at Convergent Finance.

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