Motilal Oswal Private Equity has invested Rs 75 crore ($12.5 million) for a significant minority stake in Glass Wall Systems (India) that manufactures, supply and installs architectural glass facade system, The Economic Times reported citing a company executive.
Glass Wall Systems was started around 12 years ago by Jawahar Hemrajani and Kamlesh Chaudhari. The company has undertaken several marquee projects like Mukesh Ambani's residence The Antilia and The Capital in Bandra Kurla Complex, among others.
The funding will help the company set up a fabrication cum processing facility for facades in Mumbai, Hemrajani, co-founder of Glass Wall, told the newspaper. This facility will almost quadruple its existing manufacturing capacity, he added.
Calls and messages sent to Motilal Oswal Private Equity spokesperson for more details on the deal did not elicit a response.
Motilal Oswal PE has invested jointly from India Business Excellence Fund II and India Business Excellence Fund IIA.
This is the first new deal for the PE firm this year and the third from the fund after it backed Magicrete and Intec Capital last year, as per VCCEdge, the research platform of VCCircle.
(Edited by Joby Puthuparampil Johnson)