IIFL fund to back industrial equipment maker CDE Asia
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IIFL fund to back industrial equipment maker CDE Asia

IIFL fund to back industrial equipment maker CDE Asia
Credit: Pixabay

IIFL Asset Management Ltd (IIFL AMC), the alternative investment arm of the IIFL group, has invested Rs 100 crore ($14.5 million) in Kolkata-based wet-processing equipment maker CDE Asia Ltd.

CDE Asia managing director and promoter Manish Bhartia said in a statement the company will use the funds to grow its artificial sand processing equipment and services business in India, Japan, South Korea and Southeast Asian countries.

He said many state governments are promoting the use of artificial sand mining following a ban on river sand mining by a few states. “We are also seeing emerging opportunities in waste reprocessing for roads, construction, solid waste management and manufacturing sectors such as metal ore, silica and cement,” Bhartia added.

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CDE Asia is a part of the United Kingdom-headquartered CDE Group.

Pantomath Capital acted as the sole investment banker on the transaction and financial adviser to CDE Asia. 

IIFL AMC offers investment products such as mutual funds, alternative investment funds and portfolio management services spanning public and private equities, fixed-income securities and real estate.  

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IIFL AMC has two funds under its private equity division. One fund backs growing companies and professionals looking to start afresh. It’s likely that this fund is backing CDE Asia.

IIFL AMC also has a separate $1-billion fund that backs companies before and during their initial public offerings.

The company had appointed Anup Maheshwari as joint chief executive officer and chief investment officer last year.

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