Baring invests $90 million in Indian boiler manufacturer
Baring Private Equity India has invested $90 million in boiler maker Cethar Vessels for an unspecified minority stake, with capital earmarked to be used to expand Cethar’s facilities. Cethar, India’s second-largest boiler manufacturer, currently produces power plants with a 350-megawatt capacity, but is looking to produce supercritical boilers with a capacity of 660- 800 megawatts, the company said. According to Cethar, the need to bolster production comes as the demand for power in India increases.
Baring, which focuses on mid-market transactions, has made past investments in firms related to India's energy sector, including Auro Mira Energy Company and Coastal Projects. The firm's experience in...
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