India: Patni family office, Baring Private Equity to back PG Electroplast

India Gate. Photo: Abhidev Vaishnav/unsplash

The board of PG Electroplast Limited (PGEL) at its meeting held on Tuesday approved raising 76.6 crore through compulsorily convertible debentures (CCD) and preferential allotment of equity shares, the company said in a statement.

Baring Private Equity India AIF, Ananta Capital and the Patni family office are participating through preferential allotment of Equity Shares of 40.30 crores and CCDs of 36.30 crores in the company.

Funds will be used to expand its plant situated in Pune which produces air-conditioners and coolers and establish a new plant in Greater Noida which will produce air coolers, mobile phone parts and other plastic components.

The company has an expansion plan of over 100 crore for the current year. PGEL recorded 642 crores operating revenues for the fiscal FY2020, a growth of 25.4% cumulative annual growth rate (CAGR) annually over its revenues of Rs. 512 crores during the previous fiscal, the statement said.

Vikas Gupta, Managing Director of PGEL said, “Through this growth focused funding, we plan to expand our production capacity in manufacturing of ACs and coolers. We want to triple the production capacity of AC manufacturing and other products too. The capacity expansion is in line with the growth envisaged in the segment and will also allow us to comfortably meet the PLI scheme criteria of the Government of India.”

PGEL has six manufacturing units currently operating in Greater Noida, Roorkee and Ahmednagar, with a presence in sectors like plastic moulding, tool manufacturing, PU paint shop, PCB assemblies and final product assembly.

It also manufactures washing machines, air conditioners and coolers for clients such as LG Electronics, Whirlpool, Haier, Llyod, Blue Star, Voltas, Carrier, Midea, Godrej, Lava, Flipkart, Reliance Retail, Jabil, Honeywell, Kohler, Jaquar, Orient and Crompton.

This article was first published on livemint.com.

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

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  • 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.