Baring Private Equity India AIF, Ananta Capital and Patni family office have invested Rs 76.6 crore ($10 million) in listed contract electronics manufacturer PG Electroplast.
This is believed to be Rahul Bhasin-led Baring Private Equity Partners India's last bet from the said vehicle.
The transaction involves preferential allotment of equity shares worth Rs 40.30 crore and compulsorily convertible debentures worth Rs 36.30 crore.
"We want to triple the production capacity for air conditioners and other products," said Vikas Gupta, managing director of PG Electroplast.
The firm has six manufacturing units across Greater Noida, Roorkee and Ahmednagar. It has a presence in sectors like plastic moulding, tool manufacturing, and final product assembly.
The company primarily manufactures washing machines, air conditioners and coolers for marquee clients like LG Electronics, Whirlpool, Haier, Llyod, Blue Star, Voltas, Carrier, Midea, Godrej, Lava, Flipkart and Reliance Retail.
PG Electroplast recorded Rs 642 crore of operating revenues for the fiscal 2019-20, a growth of 25.4% over the previous fiscal. In the last four years, it has grown at a compound annual rate of 25%.
Listed peers include Dixon Technologies (India) Ltd, Centum Electronics Ltd, and MIC Electronics Ltd.
Unlisted rivals include Jabil Circuit India Pvt Ltd, SFO Technologies Pvt Ltd, Elin Electronics Ltd, Rangsons Electronics Pvt Ltd and Amara Raja Electronics Ltd, a unit of $2.3 billion Amara Raja Batteries Ltd.