New Delhi: Ozone Overseas Pvt. Ltd, a maker of architectural hardware such as glass doors, bathroom accessories, and balusters, is in talks with private equity investors to raise around Rs300 crore (about $45 million), at least two people aware of the matter said.
Delhi-based Ozone Overseas, a part of the Ozone Enterprise Group, had raised around Rs60 crore in 2011 from private equity firm Everstone Capital which bought a significant minority stake. Everstone is now looking to partly or fully exit the company.
“The deal will be a combination of primary and secondary share sale,” said one of the people cited above, speaking on condition of anonymity.
The company has hired consulting firm EY to manage the fund raising process, said one of the people speaking on condition of anonymity.
Spokespersons for Ozone and Everstone declined to comment. A query emailed to EY on Tuesday remained unanswered at the time of going to press.
Everstone is an India- and southeast Asia-focused private equity and real estate investor with about $3.3 billion of assets under management through its private equity and real estate funds and offices in Singapore, Mauritius, Mumbai, Delhi, and Bengaluru.
Promoted by Alok Aggarwal, Ozone has manufacturing units at Kalaamb in Himachal Pradesh and in China. It has two more subsidiaries, Ozone Architectural Products, which makes stainless steel architectural products, and Ozone Matrix Infracon, a provider of consulting, design and construction services, as per the information available on its website.
Ozone has a distribution network across India comprising dealers, distributors, clearing and forwarding agents. It also has display-cum-training centers called Ozone Hubs that display its product range under one roof. The company has offices in India, Canada, Australia, and Dubai and distributor networks in Poland and Saudi Arabia.
Other players operating in the industry include Neki India, Dorma India Pvt. Ltd and Kich Architectural Products Pvt. Ltd.
