Controls & Switchgear Co. Ltd (C&S), a leading Indian manufacturer of power management products, has raised Rs 100 crore in private equity funding from GE Commercial Finance India. The company will use this investment for capacity expansions, strengthening its R&D credentials and for inorganic growth opportunities. Avendus Capital was the advisor in the deal.
A Rs 750 crore company, C&S has core strengths in the fields of low and medium voltage switchgear, engineered power busbars and protection systems for the power, construction and infrastructure sectors. The company claims to have grown at a CAGR of 32% year-on-year since 2002-03, while the industry average is 19%. As demand for power in India is increasing at an annual rate of 8-10%, firms like C&S are in demand for safer and larger electrical installations across the country.
C&S Group turnover for financial year 2009 is expected to be Rs 1,000 crore. The group has 16 manufacturing plants, which are spread over Noida, Haridwar and Pantnagar, and employs over 2,500 people.
“We are actively looking at inorganic opportunities to enhance our products portfolio and market access. GE is a valued investor and understands the dynamics of the energy and industrial businesses. We have been working actively with GE’s industrial businesses and now we are delighted to have them as an investor in our company.” said R N Khanna, Chairman, C&S Group.
According to Vicky Bindra, President & CEO, GE Commercial Finance India, “GE is committed to financing India’s Infrastructure development.”