Peepul Capital makes two investments in Chennai
Peepul Capital, an India-focused private equity firm, has invested $15-25 million each in two Chennai-based companies - Consul Consolidated, a power solution company, and Cura Healthcare, a radiology equipment maker. Both investments were channeled from Peepul Capital Fund III.
Vijay Rajagopal, investment manager at Peepul, told Live Mint that the private equity player is betting on the growth platforms of both companies.
Consul supplies uninterrupted power systems (UPS), voltage stabilizers and isolation transformers to industrial and commercial establishments.
"Given the power needs of the country, consistent good quality and reliable power for industries has become imperative," Rajagopal said. "They have good quality products and a great sales system, so they are positive factors for establishing a growth platform."
Cura Healthcare, which was set up in 2001, produces and distributes digital radiography, computerized radiography and mammography systems. While there has been a shift from analogue to digital x-ray machines, the company has expanded its sales and service network to 18 branches spread across India, besides servicing capabilities in the Middle East and Europe.
Since inception, Peepul Capital has invested in 32 companies across three funds. The private equity firm held a final close on $360 million for its third fund in November 2010. Prior to these latest investments, Peepul's most recent deal was a $15 million commitment to Sresta Natural Bio Products, a supplier of organic staples and value-added products in December 2011.
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