Bennett Coleman buys stake in Daiki

Bennett, Coleman & Co (BCCL), the publisher of The Times

of India and The Economic Times, has bought a 49 percent stake in Mumbai-based underwear maker Daiki Brands. The BCCL investment is in the form of advertisement capital.

BCCL is known for its ad-for-equity deals, or private treaties, with companies. Launched in 2004, these treaties translate into BCCL picking up equity stakes in companies in return for promoting those partners through long-term advertising and promotion deals.

The Daiki deal is different because BCCL usually picks up minority stakes between 2 and 10 percent. Founded in late 2009, Daiki Brands has three brands—Peri Peri, Biara and Daiki—for both men and women. While Biara is a women's lingerie brand targeting the mass segment, Peri Peri is the company's premium range. Daiki is the men's innerwear range catering to the premium section.

The chairman of Daiki Brands A Mahendran is known for making mosquito repellent Good Knight a household name.