GEF to invest $8.4m in India's IClean
Global Environment Fund (GEF) has invested INR450 million ($8.4 million) for a minority stake in Integrated Cleanroom Technologies (IClean), which manufactures prefabricated modular cleanrooms and related equipment.
The investment comes from the GP's South Asia Clean Energy Fund, which reached a first close at $128 million in November 2010. The fund has a target of $300 million and will make around 25 investments - of $7-10 million each - in South Asian companies that promote the use of clean energy.
Founded in 2002, IClean's clients are primarily pharmaceutical and biotechnology laboratories. The Hyderabad-based company has also started servicing clients in the healthcare services, food and beverage processing and electronics spaces.
GEF's funding will help expand the company's two existing plants in Hyderabad, provide additional machinery and finance a new facility in Gujarat. The company has a revenue target of INR5 billion by 2017.
"Cleanroom solutions, while providing for contamination-free environments, also result in energy efficiency gains through better design and insulation. IClean is one of the leading solution providers in the country with a very strong team and execution record," said Raj Pai, managing director at GEF Advisors India.
More on South Asia
Latest News
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...
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.
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.”
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.