After closing its Rs. 675 crores maiden fund in January, India-based Aditya Birla Private Equity has made its first investment: it has committed Rs. 50 crores in Gujarat-based Anupam Industries Ltd, a manufacturer of Material Handling Equipment (MHE).
The company will use the proceeds to fund its aggressive expansion plans in the backdrop of significant order flow from infrastructure and industrial sectors.
In conjunction with the transaction, Bharat Banka, MD & CEO, Aditya Birla Private Equity, will join the board of directors of the company.
Commenting on the investment, Mehul Patel, Managing Director, Anupam Industries, was quoted as saying: “Anupam Industries has drawn up aggressive expansion and diversification plans which entail a capital spend in excess of Rs. 100 crores.
“We have a leading market share in India and plan to expand overseas in the near future.
“An active partner like Aditya Birla Private Equity will definitely help us to speed up the growth momentum. “The extensive network of our investment partners, Aditya Birla Private Equity, and their deep reach within Indian and international business zones will help us capture more business opportunities”.
FinSMEs
18/02/2010