Private equity firm Nine Rivers Capital in its debut investment has picked up a minority stake in Navi Mumbai-based Pranav Construction Systems for Rs 50 crore. Pranav Construction is a formworks engineering solutions provider. Formworks, which find application in the infrastructure space, are temporary structures which are designed to hold and support wet concrete until it cures.
Nine Rivers is currently investing from a $125 million private equity fund focused on India-centric opportunities. Nine Rivers' founder directors include Sandeep Daga and Kunal Kumthekar. Daga has worked with private equity funds like Axis Holdings, Frontline Ventures and ICICI Venture. Kumthekar was founder of boutique investment bank KPIN Capital and has also worked with JM Financial Group and Cipher Capital.
Pranav Constructions will also use funds to augment the its working capital needs for future growth. The company has been working on projects like Delhi Metro, Dubai Metro, JJ Hospital Mumbai Flyover, among other projects.
"So far, we used to source them from multinational companies. With the capacity expansion, Pranav will soon be in a position to serve all areas of infrastructure development," Pranav Construction's Managing Director Sushil Sahani said.