GEF invests $12m in India's Rishabh Instruments
Global Environment Fund has invested INR750 million ($11.98 million) in Industrial Control Products maker Rishabh Instruments (RI), through its small and medium-sized enterprises-focused South Asia Clean Energy Fund (SACEF).
Nashik-based RI designs and manufactures energy meters and management systems. The company had consolidated revenue of INR2.25 billion in the financial year ended March, according to LiveMint, and is looking at acquisition opportunities for inorganic growth.
In 2011, it acquired Poland-based Lumel, a manufacturer of electrical devices for automation and high pressure aluminium castings, for around $25 million.
Lodha Capital Markets was the financial adviser to Rishabh Instruments.
"In the medium to long term, there is great potential for a company that makes products that measure the quality and quantity of power, which is critical in a country that needs to manage power efficiently," said Siddharth Bafna, partner and head of the corporate finance and transaction services practice at Lodha.
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