Financial Daily from THE HINDU group of publications
Thursday, Mar 30, 2006
Financial Daily from THE HINDU group of publications Thursday, Mar 30, 2006 |
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Corporate
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Mergers & Acquisitions Bessemer picks up 33.33 pc stake in Shriram EPC M. Ramesh
Chennai , March 29 Bessemer Venture Partners, a private venture capital company from the US, has picked up a 33.33-per cent stake in Chennai-based Shriram EPC Ltd for a consideration of Rs 100 crore. Confirming this to Business Line, Mr T. Shivaraman, Managing Director, Shriram EPC, said the company needed the resources because the business was growing. Shriram EPC, which is into construction of steel plants, biomass and wind-based power projects, water treatment plants and cooling towers, expects to end the current financial year with a turnover of Rs 150 crore. "Next year, our turnover will be around Rs 400 crore," said Mr Shivaraman, adding that the order book was robust. He said the company had orders of around Rs 500 crore on hand, about half of which are for biomass power plants. One of the larger orders for power plants is the 77-MW plant the company is constructing for the OPG Group of Chennai, promoters of Kaniskh Steels. The company is also building a number of rice-husk-fired power plants, with capacities ranging from 7.5 MW to 30 MW in Andhra Pradesh and Punjab. In addition, Shriram EPC expects to secure orders for sewer pipe rehabilitation.
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