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Bain Capital Credit and India Resurgence Fund, an investment vehicle backed by Piramal Enterprises, will spend $156 million to buy a stake in the marine chemical business of Archean Group. Drawing on marine brine, the business produces potash fertilizer and is India’s largest maker of industrial salt and bromine. The fund injection will be used to refinance debt, invest in manufacturing, and increase working capital. Piramal and Bain hope to grow sales in Japan, China, the Middle East, and Europe.
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