Thriveni Earthmovers Private Limited (TEMPL), one of the leading providers of mining services in India, primarily in the iron ore segment, has raised Rs 150 crore from Samara Capital, a Mumbai-based sector-agnostic mid-market PE fund.
Edelweiss Capital acted as an advisor to the transaction.
Established in 1991, Thriveni has built its mining capability across minerals like iron ore, copper, bauxite, graphite, limestone lignite and quartzite and armour rocks, TEMPL is engaged in mine development with activities spanning geological prospecting, statutory clearances, mine operations and marketing. The company has recently ventured into commercial production of coal & aggregates and has overseas presence in Mozambique and Indonesia.
Of late, Samara seemed to have skewed its focus towards oil mining & related services. In 2008, it invested $19 million in Global Coal & Mining Pvt. Ltd – a coal & consumable fuels company.
Recently, it also increased its stake in BSE-listed Asian Oilfield Services Ltd. The PE firm, which was already the single largest shareholder with a 13.3% stake, has picked up an additional 4.05 million shares through a preferential allotment that will take its holding up to 35.9% making it a promoter of the oil exploration services firm.
Its other investments include drug retail chain Guardian Lifecare Pvt. Ltd.