Saravana Global Energy Limited (SGEL) today announced that the company has received equity investment from NYLIM Jacob Ballas India Fund III, LLC (“NYLIM JB India Fund”), a Mauritius based Private Equity investor. The USD 25 Mn funding was syndicated by MAPE Advisory Group.
Commenting on the deal, Mr. Ajeeth P Challani, Managing Director, SGEL, said, “”We are pleased to be associated with investors of such a high pedigree. The investment is a significant milestone, and validates the strength of our company and potential of our business. Our relation with the investors will further enable us to achieve our vision of being a fully integrated, world class power equipment player”
He further added that the investment would be utilized to finance the setting up of a new state of the art high voltage insulator manufacturing facility with a capacity of 24,000 tons per annum. The facility would help it to enter the hollow insulator segment.
Bharat Bakhshi, Partner, Jacob Ballas Capital India Pvt Ltd (“JBC”), investment advisor to NYLIM India JB Fund, said “SGEL has built good client relationships with leading global original equipment manufacturers (“OEM”s) and engineering, procurement and construction (“EPC”) companies, due to its strong focus on quality, timely deliveries and cost competitiveness. Given the huge investments envisaged in the power sector, we are confident that SGEL will show continued success, and we look forward to being a partner in this success”. Mr Bakhshi has joined the Board of Directors of SGEL.
JBC, based in New Delhi, is the investment advisor to the three India focused private equity funds, New York Life International India Fund (Mauritius), LLC, the New York Life Investment Management India Fund II LLC and NYLIM Jacob Ballas India Fund III, LLC.
Source: Money Control