Mumbai, Nov 12 (PTI) Kotak Alternate Asset Managers on Thursday announced a Rs 325 crore investment in Gainwell Group to support its growth plans across its manufacturing and mining businesses and also to refinance existing debt.
The investment from the private-sector lender, Kotak Mahindra Bank's arm, will provide the group with flexible, longer-tenor capital, allowing it to direct more operating cash flows toward expanding its manufacturing and mining businesses, according to a statement.
It is a 'structured capital' investment in Indocrest Transportation Private Limited, the holding company of Gainwell's manufacturing and mining businesses.
"We believe Gainwell is well placed to benefit from India's continued investment in manufacturing and infrastructure," Kotak Yield and Growth Fund's chief executive Amit Jain said.
The group's chairman and managing director, Sunil Kumar Chaturvedi, said they are entering a "defining phase of growth" and expansion in manufacturing and services businesses.
At present, it is engaged in construction and mining equipment, underground mining equipment manufacturing, mining services, cranes and material handling equipment, defence equipment and natural gas compression equipment businesses across Asia, North America, Australia and Africa.
The group's flagship company, Gainwell Commosales, is an authorised dealer of heavy equipment maker Caterpillar across North and East India, Nepal and Bhutan, the statement said, adding that it also undertakes underground coal mining operations.
