Piramal Group-promoted private equity fund India Venture Advisors has invested Rs 40 crore($8 million) in Tulsi Castings and Machining Ltd, for an undisclosed stake. TCML is a manufacturer of ductile iron castings with facilities at Sangli, Maharashtra.
Founded by BM Jain and RM Jain, following their acquisition of foundry assets from SICOM Ltd in 2004, TCML has been increasing its machining capabilities which have helped attract original equipment manufacturers. The company has production capacity of 4,000 MT per month and has around 700 employees on board. It caters to agricultural equipment and heavy commercial vehicles segments, and also exports its products to the UK and the USA.
SBI Capital Markets Ltd was the sole advisor to the company for this transaction.
In March this year, India Venture Advisors has invested Rs 70 crore in Vardhman Chemtech through convertible preference shares where a floor and a cap have been decided for the equity stake by the private equity investor. In July 2010, the company also invested Rs 50 crore in Gurgaon-based infrastructure player C&C Constructions Ltd, an EPC (engineering, procurement and construction) firm in the roads and highways space.