Reliance Fund buys stake in Ravin Cables
US-based Tano Capital and Reliance Power Fund have picked up 10.7 and 8.3 per cent stake respectively in the Mumbai based power cable manufacturer, Ravin Cables.
Ravin is a power solutions provider, offering technology and services that cover a wide spectrum of the power solution equipments. The company has a manufacturing facility at Pune with a capacity of 20000 km/pa for power cables.
Vijay Karia, managing director Ravin Cables, said in a press release, “The company is at the inflexion of the robust growth as investment in the power sector, coupled with the reforms in the sector have resulted in a strong demand for our products. We are very pleased to partner with pedigreed private equity funds like Reliance India Power Fund and Tano Capital.”
He added that the funds would be used for expansion of existing manufacturing facilities at Pune and for investment in an overseas power cables joint venture in Fujairah, UAE.
The $200 million Reliance Power Fund is a joint venture between Temasek of Singapore and Reliance Mutual Funds and has exposure to stocks such as BHEL Siemens, ABB and Jindal Steel & Power and has assets of Rs 365 crore.
It also has heavy investments in debt paper like REC bonds. It had earlier picked up a 23 per cent in inverter maker Su-Kam for Rs 45 crore and a 30 per stake in EMI Transmission for Rs 50 crore.
Tano Capital LLC, in which Charles Johnson the promoter of Templeton Franklin holds 50 per cent, set up its India operations under Tano India Advisors early this year and closed the early round of its $150 million India fund I at $ 61 million.
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