RJ Corp group promoted Varun Beverages today said it has received Rs 600 crore funding from Singapore-based AION Investments II.
AION Investments II Singapore has invested Rs 600 crore in the company through a mix of primary infusion and secondary purchase from existing investors, Varun Beverages Ltd (VBL) said in a statement.
RJ Corp group has presence in various businesses like fast food restaurants, ice creams & dairy products, education, health care and hospitality.
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VBL is engaged in the business of bottling, distribution and marketing of soft drink beverages, sold under the trademarks owned by PepsiCo Inc, USA.
AION's primary investment of Rs 300 crore is in the form of non-convertible debentures.
"Proceeds of these debentures will be used by VBL for refinancing existing debt and to accelerate growth. In addition to this, AION also acquired Compulsorily Convertible Debentures from existing investors for Rs 300 crore," the company said.
"I am delighted to extend a warm welcome to AION, which now becomes the largest external investor in Varun Beverages Ltd, the flagship company of the RJ Corp Group. AION's investment will enable VBL to further accelerate its growth plans," VBL Chairman, Ravi K Jaipuria, said.
