Jacob Ballas commits $20m to Indian engineering company
Jacob Ballas Capital India has aggreed to pay INR1 billion ($20.29 million) for a minority stake in DBM Geotechnics and Constructions, an Indian engineering infrastructure firm.
DBM provides engineering, procurement and construction services, mainly in foundation engineering and marine infrastructure construction.
Sunil Chawla, partner of Jacob Ballas Capital India, said infrastructure construction will continue to drive growth, given the amount of development activity underway at major and non-major ports. He will join DBM's board.
Yes Bank was the sole arranger for the transaction, Reuters reported.
Jacob Ballas, which is backed by New York Life Investment Management and has $600 million in capital under management, said last December that it plans to invest $150 million in India this year. In January it supported Religare Finvest, the non-banking arm of Indian financial services group Religare Enterprises, with a INR2 billion ($37.5 million) cash injection.
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