IIFL AMC invests $14.5m in industrial equipment maker CDE Asia

Photo: Mint

IIFL Asset Management Limited (IIFL AMC), the alternative investment arm of the IIFL group, Monday announced that it has invested Rs 100 crore  (about $14.5 million) in Kolkata-based CDE Asia Limited (CDE Asia), to help the company consolidate its growth plan.

CDE Asia, which is a part of UK-headquartered CDE Group, manufactures wet-processing equipment.

Manish Bhartia, (MD and Promoter) of CDE Asia, said, “The infusion of funds by IIFL AMC will uniquely 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.”

M-sand is a sunrise industry at a nascent stage and has also witnessed various state governments promoting its use. Citing this, many states in India have either restricted or altogether banned river sand mining, the company said in a statement.

Anup Maheshwari, (CIO and Joint CEO) of IIFL AMC, said, “The company is exploring opportunities to expand its product range which would be used in newer applications. It has an impressive track record in ramping up supplies to marquee construction and industrial end customers. We have made over 25 private equity investments across the life-cycle of a company’s growth and are pleased to add CDE Asia to our portfolio.”

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

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.