IIFL AMC has invested Rs.100 crore in Kolkata-based CDE Asia Limited (CDE Asia) through its AIF.
CDE Asia is a manufacturer of wet-processing equipment and part of United Kingdom headquartered CDE Group.
In a press release, Anup Maheshwari, (CIO and Joint CEO) of IIFL AMC, said, “We are excited to be a part of the growth story of CDE Asia. It represents a unique high-quality opportunity in the manufacturing sector with best-in-class financial metrics. The company is exploring opportunities to expand its product range, which would be used in newer applications. It has an impressive track record in ramping up supplies to marquee construction and industrial end customers. We have made over 25 private equity investments across the life-cycle of a company’s growth and are pleased to add CDE Asia to our portfolio.”
Commenting on the deal, Manish Bhartia, (MD and Promoter) of CDE Asia, said, “The infusion of funds by IIFL AMC will uniquely position us to grow our artificial sand (m-sand) processing equipment and services business in India, Japan, South Korea and other South East Asian countries. We are also seeing emerging opportunities in waste reprocessing for roads, construction, solid waste management and manufacturing sectors such as metal ore, silica and cement.”
Since many states in India have either restricted or altogether banned river sand mining, artificial sand or m-sand is considered as a sunrise industry, said the company release.