The third-largest luggage and bags major Safari Industries on Wednesday said that it has received Rs 75 crore equity investment from leading global alternative investment manager Investcorp. The transaction is subject to shareholders and regulatory approvals, the company said in a statement. Set up in 1974, Safari Industries is the third largest and fastest-growing luggage brand in the country today.

Sudhir Jatia, who is the current chief executive, acquired Safari in 2012. Gaurav Sharma, head of private equity at Investcorp India, said that this investment into Safari, which enjoys a strong brand recall, aligns with our thesis of targeting unique businesses in the mass consumption market.

Jatia said he expects to get shareholders’ and regulatory approvals soon and close the transaction next month. In India, Investcorp invests in mid-market companies across consumption-linked sectors and in real estate. In the private equity space, Investcorp targets opportunities across the consumer tech, healthcare, financial services and technology sector.

Safari is Investcorp’s 11th investment in the country over the past four years.