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ECI raises Rs 100cr from Sabre Capital

This article was posted on Apr 4, 2008 and is filed under Press Releases

ECI Engineering and Construction Company Limited (“ECI”), a fast-growing infrastructure construction and development company, today announced that they have raised Rs 100 crores of private equity capital through a preferential allotment to Sabre Abraaj India Private Equity Fund I Limited (“Sabre Abraaj”), a fund managed by Sabre Capital.

ECI will use these proceeds to expand its construction business, finance its investment in hydro power BOOT projects and also build a modern manufacturing unit to fabricate steel towers required for their core power transmission and distribution (T&D) business. Sabre Abraaj will be represented on the Board of Directors of the company by Mr. Rajiv Maliwal, Co-founder and Managing Director of Sabre Capital.

Speaking on the occasion, Mr. Venkat Rao, Chairman, ECI said “We are delighted to have Sabre as our valued investor and we strongly believe this partnership will propel the company to greater heights. Over the years, we have developed expertise in key segments of power, roads and irrigation and now the time is right to grow and cash in on the enormous opportunity that there exists in the infrastructure construction and development sector in India. With this investment, we will be able to expand our business by winning larger EPC contracts, bidding for higher voltage power transmission & distribution business, developing hydro power generation BOOT projects and setting up a tower manufacturing facility which will help us emerge as a focused and integrated player in the Indian infrastructure industry.”

Rajiv Maliwal said, “We believe infrastructure is key to India’s growth and a well-managed mid-sized company like ECI is well poised to take advantage of the tremendous potential that the sector offers. ECI has a demonstrated track record of growth, a sound business strategy and a large order book which gives us confidence in the ability of the company to meet its growth targets. I am personally delighted to join the Board and contribute to the growth of this outstanding company.”

Edelweiss acted as the sole financial advisor to ECI for this private placement.

Sourced From: Perfect Relations Limited

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