India-based private investment firm Samara Capital has announced its plans to invest $29m in skincare and haircare products manufacturer Nature’s Essence.

In exchange for the investment, Samara Capital will acquire a majority stake in the Delhi-based company.

Nature’s Essence plans to use the investment in marketing and distribution of its products besides consolidating its group entities.

Its product portfolio consists of body care products such as creams, lotions and gels; and face care products such as bleaches, face-packs, and face washes.

NEPL director Raj Kumar Nanda was quoted by as saying: “I and my team are very excited to partner with Samara Capital to take Nature’s Essence to its next phase of growth.

Its products are sold in more than 20 million retail outlets and 40,000 salons

Following the consolidation, the company aims to generate sales of Rs1,500m and is expanding at 15% annually.

Samara Capital managing director Abhishek Kabra was quoted by the website as saying: “We see exciting potential for the brand to keep adding to the depth as well as breadth of its offering.”

For this deal, NEPL was represented by audit and consulting firm Deloitte Touche Tohmatsu India while investment bank Lymonds Mirus represented Samara.

Skin fairness cream from Dabur, FEM is the major rival to Nature’s Essence, reported The Economic Times.

Dabur India acquired the FEM brand from Fem Care Pharma in an all-cash transaction i 2009.

Samara Capital  was established in 2006 by Sumeet Narang and Gautam Gode, who were former executives of  Citigroup India.