Mandala commits $15m to India's Godavari Biorefineries
Mandala Capital has invested $15 million in India's Godavari Biorefineries, a producer of foods, biofuels, specialty chemicals and power.
Godavari will use the funds to build a new chemical manufacturing plant, increase its capacity for ethanol production, address efficiency problems at its existing facilities and strengthen its utility infrastructure. The company will also expand its research and development facilities, according to a statement.
Godavari is a member of India's Somaiya Group, and is one of the country's leading producers of ethanol. It is also a pioneer in the use of ethanol in industrial applications, including the production of ink and paint, cosmetics, pharmaceuticals and packaging materials. Its clients include both Indian and multinational companies.
In recent years the company has tried to position its products as an alternative to petrochemicals and a renewable resource. The base material for most of its merchandise is sugarcane, though Godavari says it hopes to add other biomass to its production line.
Mandala manages funds focused on South Asia's agricultural sector. Recent investments include INR1.1 billion for agriculture-focused non-banking financial company SAFL earlier this year and a INR1.5 billion commitment to the cold chain unit of distributor Gati in 2014.
The firm also established a joint venture in 2012 with Australia's Water Resources Group to support desalination opportunities in India, Pakistan, Sri Lanka and Bangladesh.
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