Pragati India Fund investing $6.3M in Lucknow-based PTC Industries
Pragati India Fund, a private equity fund targeting economically underdeveloped and low-income states of India, is picking up a stake in Lucknow-based PTC Industries Ltd, said a source familiar with the development. PTC Industries manufactures customised high alloy castings for application in oil and gas, power and marine sectors.
The source said Pragati India Fund will invest Rs 40 crore in the company. The PE firm is likely to pick up around 20 per cent stake in PTC Industries, which was set up 50 years ago.
Narayanan Shadagopan, managing director of Pragati Equity Advisors, confirmed the investment but...
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