Chennai, March 13 (IANS): Private equity investment firm ChrysCapital has exited fast moving consumer goods (FMCG) major CavinKare Pvt Ltd, selling its stakes in a promoter buyout, the latter said in a statement here on Monday.

The buyout move by CavinKare's promoter C.K. Ranganathan, Chairman and Managing Director, marks ChrysCapital's first full exit from its sixth fund, which has entered its harvesting phase.

ChrysCapital had invested Rs 250 crore in CavinKare in 2013 and the investment delivered a little over two times of return in less than four years, the statement said.

"ChrysCap played an excellent catalytic role. They triggered the needed change which led to a wonderful performance," Ranganathan said in the statement.

The Rs 1,350-crore turnover CavinKare started its journey with Chik Shampoo brand in the 1980s and has risen to become one of India's largest FMCG companies during the last three decades.

During the last decade, CavinKare successfully transformed itself from a pure personal care player to a FMCG conglomerate, with interests in dairy, snacks, food and beverages businesses.

The statement is, however, silent on the buyout price or the stake percentage held by ChrysCapital in CavinKare.