Companies & Sectors
Premji arm invests in Hygienic Research Institute
 Wipro czar Azim Premji has invested Rs.216 crore in a leading consumer care firm through his family investment arm Premji Invest.
 
"We have raised Rs.216 crore from Premji Invest. The fresh capital will spur us to grow into a Rs.1,000-crore company in five years from Rs.350 crore last fiscal," the Mumbai-based Hygienic Research Institute (HRI) Ltd said in a statement on Monday.
 
The company, however, did not share details of how many equity shares were allotted to Premji Invest, at what price and premium, if any, charged or the share-holding pattern post this round of investment.
 
Candle Partners, Mumbai-based investment bankers and Alvarez & Marsal India were transaction advisors to Premji Invest.
 
"Premji's investment will create stakeholder value and enable us to unlock our brands' true potential," Hygienic chief executive Manish Chhabra said in the statement from Mumbai.
 
With 1.5-lakh retail outlets, 1,000 trade outlets and 15,000 salons across the country, the 65-year-old fast-moving consumer goods (FMCG) company makes and markets hair colour, hair care and skin care products in powder, creams and henna formats to consumers through its brands,
 
"We are at an inflection point in our growth journey, as we are widening our footprint, commercialising new products and deepening franchise," said Chhabra.
 
Billionaire Premji had hived off his global software services from consumer care business, which sells soaps and shampoos and personal care products.
 
"Partnership with Premji Invest will help us to hone our capabilities through strategic investments in automation of factories, upgradation of IT systems and thrust on research and development," Chhabra added.
 
Hygienic has also presence in Bangladesh and Nepal and its products are exported to about 20 countries.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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No fireworks in Golden Temple this Diwali
The holiest of Sikh shrines, Harmandir Sahib, popularly known as the Golden Temple, in this city of Punjab will not be lit up this Diwali in the wake of desecration of the Guru Granth Sahib, an official said here on Tuesday.
 
"Following the incidents of desecration of the Guru Granth Sahib across Punjab, we have decided not to celebrate Diwali this time," Shiromani Gurdwara Parbandhak Committee (SGPC) president Avtar Singh Makkar said.
 
He said there would be no illumination of the Golden Temple and there will be no fireworks display.
 
The Amritsar-based SGPC, the mini-parliament of Sikh religious affairs, controls Sikh shrines across Punjab, Haryana and Himachal Pradesh.
 
The SGPC has also urged the Sikhs not to celebrate Diwali with fireworks but light only earthen lamps.
 
Every Diwali, which is also celebrated in the Sikh religion as 'Bandi Chhor Diwas' (prisoner liberation day), the Golden Temple is illuminated with millions of lights and attracts tens of thousands of devotees.
 
On Diwali, the sixth guru of the Sikhs, Guru Hargobind, returned to Amritsar on being released along with 52 princes by Mughal emperor Jahangir from the Gwalior prison in 1619.
 
This is the third time in 30 years that there will be no Diwali celebrations at the Golden Temple.
 
One of the occasions was in 1984 to protest Operation Bluestar, the army operation to flush out militants holed up in the Golden Temple.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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