Mumbai: Premji Invest, the investment arm of Wipro founder Azim Premjiās endowment, teamed up with Asian private equity fund ADV Partners to pick up a majority stake in toy maker Micro Plastics for an undisclosed sum.
Micro Plastics is a Bengaluru-based contract manufacturer of toys serving brands such as Hasbro and Mattel, and the two investors have collectively acquired a significant majority stake in the company, as per an official statement.
The company has five manufacturing facilities in and around Bengaluru, and its founder and MD Vijendra Babu will continue to retain an undisclosed stake in the company to help its future growth, the statement said.
The market opportunities for Micro Plastics are significant and, together with Premji Invest, ADV Partners looks forward to working with Babu to significantly grow the business as well as to help build the toy manufacturing ecosystem within India, through skill development and other initiatives, ADVās co-founder and managing partner Suresh Prabhala said.
A Premji Invest spokesperson said with the governmentās push towards local manufacturing, and global customers increasing their outsourcing to India, its intent is to further develop Micro Plastics as a trusted partner in delivering quality products consistent with the highest standards of ethics and governance.
The company offers integrated solutions, from designing to shipping final products for diverse industries ranging from toys and model hobby kits to sports equipment.
Babu said the company is looking forward to broadening its footprint in consumer goods, healthcare, and sports among other sectors.