IIFL Asset Management, the alternate investing vehicle of the IIFL group, has announced a Rs 100-crore fund infisusion into wet-processing equipment maker CDE Asia. The fund will be deployed to further the Kolkata- based company's expansion plans, the IIFL Group said in a statement Monday.
CDE Asia is a manufacturer of wet-processing equipment and is part of the England-headquartered CDE Group. The company combines processing technology with specialised metallurgical know-how in an integrated energy- and water-efficient patented product set, it said.
The fund infusion will help it grow in the artificial sand (m-sand) processing equipment and services business in India, Japan, South Korea and other Southeast Asian countries, CDE Asia promoter and managing director Manish Bhartia said. M-sand is a sunrise industry but has witnessed various states promoting its use, the statement claimed.
There are other opportunities for the company as well like waste reprocessing for roads, construction, solid waste management and manufacturing sectors such as metal ore, silica and cement. IIFL AMC joint chief executive Anup Maheshwari said the platform has made 25 private equity investments till now.
PTI AA BEN BEN.
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