Powerica Limited, a leading genset manufacturer and provider of power solutions announced that its Board had approved an issue of equity shares to Standard Chartered Private Equity. The total investment by the fund will be USD 50 mn (Rs 200 crore).
Powerica Limited, an ISO: 9001-2000 Company has been providing Power Solutions with CUMMINS engine powered generating sets to Indian industries for well over 27 years and is operating in India with 8 manufacturing units – in Navi Mumbai, Daman, Silvasa, Bengaluru and Chennai-SEZ and has 16 Sales and Marketing offices.
“The funds would be deployed in upgrading the existing manufacturing, marketing and execution facilities and also for opening a new state of the art integrated generating set manufacturing facility at Khopoli (on the Mumbai-Pune Express Highway) on a recently acquired 22 acre plot,” said Naresh Oberoi, Managing Director, Powerica Limited. The plant at Khopoli will also house complex control panel manufacturing facilities, regularly required by large and multi-genset users.
Nainesh Jaisingh, Managing Director, Standard Chartered Private Equity said, “The power sector holds immense potential in the current phase of India’s growth and we are delighted to partner with a leading player in the sector.”
Ravi Sardana, Senior VP, ICICI Securities Ltd., financial advisors to the transaction said, “The funding will finance the growth plans of Powerica Ltd, for CUMMINS Engine powered generating sets and will enable them to meet the growing demand for their products as also meet the challenges arising out of upcoming competition.”
Source: Isec-Press Release