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February 18, 2013

Deal Alert: Access' investment in Nobel Hygiene Limited

Access India Fund and its co-investors have closed the first tranche of a US$ 11.5 Mn investment in Nobel Hygiene Limited. 

About Nobel Hygiene Limited 

Nobel Hygiene Limited (, is a market leader in the manufacture and sales of adult diapers (with an estimated market share of 40%) through its brand “Friends”. It also manufactures and markets baby diapers, a segment which has seen greater than 50% segment growth over the last 5 years. Nobel was promoted by a first generation entrepreneur, Mr Kamal Johari, a science graduate and a chartered accountant by qualification. The investment will be used to double Nobel’s existing manufacturing capacity. 

The Indian adult diaper market, at US$ 30 Mn, is a sunrise segment with growth rate of over 25% p.a. The segment has potential to grow into a significantly large FMCG category with India having the second largest 65+ year’s population in the world. Nobel‘s adult diaper brand is the only brand in its category with a strong pan India distribution today. Globally, the adult diaper segment is US$ 9 Bn (about 40% of the baby diapers segment). The Chinese adult diaper market, for example, is at ~US$ 300 Mn, and still growing at 30% plus per annum. 

About Access India Fund 

Access India Fund ( is a mid-market focussed fund focussing on growth investments in the $5Mn - $15 Mn space, concentrating on consumer goods and services and life sciences segments. Promoted by Nilesh Mehta and Sangeeta Modi, Access had its first close in July 2012. This is Access’ second investment. 

Mastermind Financial Services acted as advisor to the transaction. 

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