Premji Invest, the investment art of Wipro founder Azim Premji’s endowment and Asian private equity fund ADV Partners will pick up a majority stake in toy maker Micro Plastics for an undisclosed sum.
A Premji Invest spokesperson said with the government''s 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.
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 managing director 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,” ADV''s co-founder and managing partner Suresh Prabhala said.
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.
“We are very excited to bring ADV and Premji Invest onboard as our investors to chart Micro Plastics''s next phase of growth. The toy sector in India holds a lot of potential both on the export and domestic fronts,” he said.