Renuka Ramnath-led private equity firm Multiples Alternate Asset Management (Multiples PE) is looking to part exit its investment in farm equipment manufacturer Milltec Machinery Pvt. Ltd through an initial public offering (IPO), two people aware of the development said.
Multiples PE invested around Rs250 crore in Milltec in 2013 to acquire a 50% stake in the company. Milltec manufactures agro processing equipment, supplying products to the grain milling industry for cleaning, de-husking, polishing, grading, whitening and sorting.
