Ratan Tata has invested an undisclosed amount in Hyderabad-based disposable paper cup and packaging material maker Bollant Industries Ltd, according to a news report by The Hindu Business Line, citing its founder.
This marks a rare non-tech investment by the former chief and currently chairman emeritus of Tata Group's holding firm Tata Sons.
In non-tech segment, Ratan Tata had previously invested an undisclosed amount in Grameen Capital India, a social impact-focused investment advisory firm. He also invested Rs 2 crore in Mumbai-based healthcare service provider Swasth India.
Tata was the most active angel investor in India last year and has been sealing a new deal every week this year. This happens to be his ninth new investment since January 1.
Various calls made to Bollant Industries seeking further information went unanswered.
Founded in 2012 by MIT educated and visually impaired Srikanth Bolla, Bollant Industries manufactures eco-friendly, disposable consumer packaging solutions. It has four production plants, one each in Hubli (Karnataka) and Nizamabad (Telangana), and two in Hyderabad (Telangana). Majority of his employees are reportedly differently abled.
It makes areca nut cups besides paper cups and plates and corrugated packaging material.
Bollant Industries is also in the process of building its biggest facility in Sri City, an integrated business city in Andhra Pradesh, 55 kms from Chennai. The facility would be fully automated and would provide packaging material for the pharma and food/beverages industries and also e-commerce firms.
The startup had received first set of undisclosed amount of funding from angel investors Ravi Mantha and then SP Reddy, who were both associated with TiE- Global Entrepreneurship Organization.
Later on, the company also received investments from Kiran Grandhi (GMR Group), Satish Reddy (Dr Reddy’s), Anil Chalamalasetty (Greenko) and Arun Alagappan (TI Cycles), in individual capacities, and Srini Raju of private equity firm Peepul Capital.
Bolla expects Bollant Industries to become a Rs 100-crore company in two years. The plates and environment friendly paper material are also supplied to the Tirumala Tirupati Devasthanam.