SGEL bags equity investment from Mauritius-based firm

Mumbai, Feb 26 (UNI) Saravana Global Energy Limited (SGEL) has received equity investment from NYLIM Jacob Ballas India, Fund III LLC, a Mauritius-based private equity investor.

The USD 25 million funding was syndicated by MAPE Advisory Group.

Commenting on the deal, SGEL managing director Ajeeth Challani said, ''We are pleased to be associated with investors of such a high pedigree. The investment is significant milestone, and validates the stength of our company and potential of our business.'' He further added that the investment would be utilised 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 the company enter the hollow insulator segment.

UNI AR MAZ SKB1956