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US private equity firm L Catterton said it will form a joint venture in India with former Hindustan Unilever (HUL) CEO Sanjiv Mehta to develop a new investment vehicle targeting the country’s consumer market.
Through the partnership, L Catterton plans to invest in Indian consumer businesses, utilising its global reach, investments in the consumer sector, and backing from France-based LVMH.
L Catterton, however, did not disclose the specific investment amount for this JV.
“With India now having the world’s largest population and generating high GDP growth, there has never been a better time to deepen our commitment to the market and invest in the consumer businesses that will shape the landscape of tomorrow,” said L Catterton Global’s co-CEO Michael Chu said in a statement.
The PE firm said Mehta would assume the role of executive chairman of India for its Asia platform, effective April 4. Mehta recently served as the president of Unilever South Asia and was chairman, CEO and managing director of HUL.
Last November, Reliance Retail said it was tying up with LVMH-owned Sephora to expand the beauty chain’s presence in India’s fast-growing beauty and cosmetics market.
L Catterton, which plans to invest in consumer businesses across Asia including India, manages roughly $35 billion of equity capital across three multi-product platforms including private equity, credit, and real estate.
Founded in 1989, the firm has made over 275 investments, including Indian brands such as Drools Pet Food, Sugar Cosmetics, and Reliance Industries-backed Jio Platforms.
Reuters
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