Rotomag makes electric drive systems and industrial motors
Gujarat-based Rotomag Motors and Controls Pvt Ltd, an electric motor manufacturer, has raised an undisclosed amount of funding from BanyanTree Growth Capital II LLC, a structured private equity fund managed by BanyanTree Capital Advisors.
The investment is a part of BanyanTree’s strategy of investing in manufacturing and engineering enterprises based out of tier-II and tier-III cities in India. This is the seventh investment through its second fund.
Founded in 1992, Rotomag makes high performance solar pumps and specialises in electric drive systems and industrial motors.
The company also manufactures specialty DC motors and drives for use in battery operated equipment and exports over 60 per cent of its production. It has a joint venture with Italian company Motive Srl to manufacture industrial AC motors, gearboxes and geared motors.
Rotomag has three plants located at Anand, Gujarat, with an installed capacity of 195,000 electric motors and 16,000 pumps.
BanyanTree Growth Capital II is a $175 million PE fund which provides structured investments to small and medium enterprises (SMEs) in India. In the past, it has invested in companies like GPT Healthcare Pvt Ltd, a Kolkata-based company which operates a chain of hospitals; packaged food firm Nilon’s; coaching services provider MT Educare, renewable power firm Atria and others.
Mumbai-based Scube Financials acted as the financial advisor for the deal.