• Home
  • News
  • Analysis
  •  
    Regions
    • Australasia
    • Southeast Asia
    • Greater China
    • North Asia
    • South Asia
    • North America
    • Europe
    • Central Asia
    • MENA
  •  
    Funds
    • LPs
    • Buyout
    • Growth
    • Venture
    • Renminbi
    • Secondary
    • Credit/Special Situations
    • Infrastructure
    • Real Estate
  •  
    Investments
    • Buyout
    • Growth
    • Early stage
    • PIPE
    • Credit
  •  
    Exits
    • IPO
    • Open market
    • Trade sale
    • Buyback
  •  
    Sectors
    • Consumer
    • Financials
    • Healthcare
    • Industrials
    • Infrastructure
    • Media
    • Technology
    • Real Estate
  • Events
  • Chinese edition
  • Data & Research
  • Weekly Digest
  • Newsletters
  • Sign in
  • Events
  • Sign in
    • You are currently accessing unquote.com via your Enterprise account.

      If you already have an account please use the link below to sign in.

      If you have any problems with your access or would like to request an individual access account please contact our customer service team.

      Phone: +44 (0)870 240 8859

      Email: customerservices@incisivemedia.com

      • Sign in
     
      • Saved articles
      • Newsletters
      • Account details
      • Contact support
      • Sign out
     
  • Follow us
    • RSS
    • Twitter
    • LinkedIn
    • Newsletters
  • Free Trial
  • Subscribe
  • Weekly Digest
  • Chinese edition
  • Data & Research
    • Latest Data & Research
      2023-china-216x305
      Regional Reports

      The reports review the year's local private equity and venture capital activity and are filled with up-to-date data and intelligence on fundraising, investments, exits and M&A. The regional reports also feature information on key companies.

      Read more
      2016-pevc-cover
      Industry Review

      Asian Private Equity and Venture Capital Review provides an independent overview of the private equity, venture capital and M&A activities in the Asia region. It delivers insights on investments made, capital raised, sector specific figures and more.

      Read more
      AVCJ Database

      AVCJ Database is the ultimate link between Asian dealmakers and those who provide advisory, financial, legal and technological services to the private equity, venture capital and M&A industries. It is packed with facts and figures on more than 153,000 companies and almost 117,000 transactions.

      Read more
AVCJ
AVCJ
  • Home
  • News
  • Analysis
  • Regions
  • Funds
  • Investments
  • Exits
  • Sectors
  • You are currently accessing unquote.com via your Enterprise account.

    If you already have an account please use the link below to sign in.

    If you have any problems with your access or would like to request an individual access account please contact our customer service team.

    Phone: +44 (0)870 240 8859

    Email: customerservices@incisivemedia.com

    • Sign in
 
    • Saved articles
    • Newsletters
    • Account details
    • Contact support
    • Sign out
 
AVCJ
  • South Asia

Tata VC fund to exit India thermal energy business

cold-chain-warehouse
  • Justin Niessner
  • 31 August 2021
  • Tweet  
  • Facebook  
  • LinkedIn  
  • Google plus  
  • Save this article  
  • Send to  

Tata Capital Innovations Fund is set to exit Indian industrial materials developer Pluss Advanced Technologies to a local conglomerate in a deal worth INR1.1 billion ($15.7 million).

Carborundum Universal, which has a range of heavy industrial and chemical interests, has agreed to take a 72% stake from multiple shareholders. Tata invested INR150 million in 2012, taking a stake of undisclosed size in the company, then known as Pluss Polymers.

Pluss said the Tata investment enabled it to expand its team (now 180-strong) and pursue in-house R&D. This facilitated a pivot from polymers toward phase change materials (PCMs), a class of thermal energy storage materials used in industries such as construction, cold chain logistics, solar energy, food, and pharmaceuticals.

Revenue improved from INR270 million in 2020 to INR363 million in 2021. Specialty polymers are still an important part of the product mix but have increasingly given way to PCMs, which have been applied recently in the cold chain handling of COVID-19 vaccines.

“We started as a bootstrapped business in 1994. Now, we are getting into phase-three of growth, where our focus is on the quick introduction of commercialized products through infrastructure creation, continuous innovation, license technologies, and strategic partnerships,” Samit Jain, a managing director at Pluss, said in a statement.

Pluss has 35 stock-keeping units, including a branded range of PCMs called savE, as well as Miracradle, a neonatal cooler for treating babies with birth asphyxia. The company positions itself as the first to develop a leak-proof PCM and a pioneer in hydrated salt-based PCMs. Its customer base extends across Asia, Europe, and the Americas.

Tata Capital Innovations Fund raised INR2.9 billion in 2010. It backs early-stage technology businesses in India serving global markets. Portfolio companies include mobile internet software provider Alef Mobitech, data security platform Vaultize, and cancer therapy developer Mitra Biotech.

  • Tweet  
  • Facebook  
  • LinkedIn  
  • Google plus  
  • Save this article  
  • Send to  
  • Topics
  • South Asia
  • Industrials
  • Technology
  • Exits
  • Trade sale
  • India
  • Tata Capital
  • Logistics
  • energy

More on South Asia

india-rupee-money-nbfc
India's InCred announces $60m round, claims unicorn status
  • South Asia
  • 10 Nov 2023
india-baby
Beauty brand Mamaearth raises $204m in India IPO
  • South Asia
  • 09 Nov 2023
doctor-stethoscope
Norwest backs India hospital, HealthQuad marks 3x exit
  • South Asia
  • 08 Nov 2023
xpressbees
OTPP invests $80m in India's Xpressbees
  • South Asia
  • 08 Nov 2023

Latest News

world-hands-globe-climate-esg
Asian GPs slow implementation of ESG policies - survey

Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...

  • GPs
  • 10 November 2023
housing-house-home-mortgage
Singapore fintech start-up LXA gets $10m seed round

New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.

  • Southeast Asia
  • 10 November 2023
india-rupee-money-nbfc
India's InCred announces $60m round, claims unicorn status

Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”

  • South Asia
  • 10 November 2023
roller-mark-luke-finn
Insight leads $50m round for Australia's Roller

Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.

  • Australasia
  • 10 November 2023
Back to Top
  • About AVCJ
  • Advertise
  • Contacts
  • About ION Analytics
  • Terms of use
  • Privacy policy
  • Group disclaimer
  • RSS
  • Twitter
  • LinkedIn
  • Newsletters

© Merger Market

© Mergermarket Limited, 10 Queen Street Place, London EC4R 1BE - Company registration number 03879547

Digital publisher of the year 2010 & 2013

Digital publisher of the year 2010 & 2013