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Nine Rivers Capital Invests Rs 50 Cr In Pranav Construction

19 February, 2009

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 Construction, which was formed a decade ago, would use the funds to quadruple its manufacturing capacity to 45,600 tonnes per annum. It currently has a manufacturing facility in Navi Mumbai with an annual capacity of 9,600 tonnes. Pranav Construction’s is also putting up a greenfield facility at Badlapur in Maharashtra which would have an annual capacity of 36,000 tonnes. This facility will go on stream in the first quarter of the next fiscal. The company plans to cater to clients in India and the Middle East.

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.

 


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Nine Rivers Capital Invests Rs 50 Cr In Pranav Construction

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