SCPE backs Sri Lanka’s Abans with $40m - report

The fresh capital will allow the company - which manufactures refrigerators, washing machines and other products - to expand its existing showroom and service network and will go towards the backward integration of the manufacturing facilities at its associate Abans Electricals.

A company official told Daily News that the firm will import new machinery and ramp up its product assembly lines in Sri Lanka. "The company would have more value addition in Sri Lanka and we are also hoping to export parts to India," he said. "200 new jobs would be created this year."

Half of the committed capital will be invested this year. Abans reported revenue growth of more than 25% per annum over the past three years, while its retail turnover is believed to be in excess of INR25 billion ($450 million).

The company has a network of more than 400 island-wide showrooms and a wide range of products from global brands such as LG, Toshiba, Mitsubishi Electric, Haier, Whirlpool, Electrolux, Sanyo, Sharp, Philips, Apple and HP. It was founded in 1968 and employs more than 4,000 people.

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• Topics
• Expansion
• Industrials
• South Asia
• Sri Lanka
• Standard Chartered Private Equity
• Growth capital
• Industrial Technology Investment