South Asia Clean Energy Fund (SACEF), an SME fund managed by clean technology investor Global Environment Fund (GEF), has invested Rs 75 crore ($12 million) in Nashik-based Rishabh Instruments. The company makes, designs and develops ICPs, such as transducers, analogue and digital panel meters, and electrical TMIs such as hand-held multi-meters and digital and analogue insulation testers.
Rishabh Instruments was founded in the 1985 by Narendra Goliya, an IIT and Stanford educated entrepreneur. The company closed FY13 with consolidated revenues of about Rs 225 crore.
Lodha Capital Markets (LCM) acted as the exclusive financial advisor to Rishabh Instruments in this transaction.
Rishabh Instruments acquired 85 per cent stake in Lumel, which was earlier wholly owned by the Ministry of Treasury of the Republic of Poland, in FY12. The acquired company was registered in the short name of Lumel SA in August 2012.
"Rishabh Instruments is expected to maintain its stable operating performance over the medium term, with revenue growth of over 10 per cent year-on-year, supported by its increasing product basket and addition of new customers in both domestic as well as export markets," said a report by credit rating firm CRISIL on the firm.
GEF, which has approximately $1 billion in aggregate capital under management, has invested over $100 million across nine deals in India. Its current portfolio include energy efficiency firm Kalki Communication Technologies, clean energy firm Greenko Group Plc, Hyderabad-based Integrated Cleanroom Technologies and Saisudhir Infrastructures, an EPC player focused on sectors like water supply and solid waste management.
(Edited by Joby Puthuparampil Johnson)