The stake was bought by investors including some Indian mutual funds, an Everstone spokesperson said, adding that the firm made $66 million from the sale.

SJS Enterprises makes a wide range of aesthetics products catering to segments including two-wheelers, passenger vehicles, commercial vehicles, consumer durables and appliances.

(Reporting by Aditya Kalra in New Delhi, Writing by Rama Venkat in Bengaluru; Editing by Varun H K)