New Delhi : India Resurgence Fund (IndiaRF), a joint venture of Piramal Enterprises and Bain Capital Credit, on Monday said it has invested $156 million in Chennai-based Archean Group’s marine chemicals business.

IndiaRF said in a statement that it has invested through debt and equity and under the partnership, it would be actively engaged with Archean Group’s management team in implementing the latter’s turnaround plan.

“The investment proceeds will be used to refinance its (Archean’s) existing debt, towards capital investment to optimise the plant’s output across all product lines,” the statement said.

The investment would help Archean Group grow its market share in the marine chemicals business in India and also across export markets such as Japan, China, Middle East and Europe.

—IANS