IIFL Asset Management invests Rs 100 crore in CDE Asia

IIFL Asset Management Ltd (IIFL AMC), said an Alternative Investment Fund managed by the company, has invested Rs 100 crore into Kolkata-based CDE Asia to help the latter consolidate its growth plan.

CDE Asia is a manufacturer of wet-processing equipment and part of UK-headquartered CDE Group.

“The infusion of funds by IIFL AMC will 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,” CDE Asia Managing Director and Promoter Manish Bhartia said.

Pantomath Capital is the sole investment banker to the transaction and financial advisor to CDE Asia.

M-sand, now at a nascent stage, is gaining traction with various state governments promoting its use. Following this, many states have either restricted or banned river sand mining.