India Resurgent Fund (IRF), a joint venture between Bain Capital Credit and India-based conglomerate Piramal Enterprises, has invested INR8 billion (approximately US$119 million) in India-based Archean Chemical Industries in a debt and equity transaction. IRF has reportedly acquired the existing loans of Archean from a group of public sector banks to help the company restructure its cash flows and will also provide an equity commitment giving IRF an approximately 30 percent stake in the company. IRF will charge an annual interest of 16 percent on the debt portion of the deal and receive a share of Archean’s earnings if the company meets certain financial milestones.