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SIDBI VC invests $4M in blood bank and medical equipment maker Pawar Electro Systems

SIDBI Ventures, the private investment arm of Small Industries Development Bank of India (SIDBI), has invested Rs 25 crore (approximately $4 million) in Pawar Electro Systems Pvt. Ltd, a blood bank and medical cold chain equipment manufacturing company, according to a statement.

The PE firm has invested the capital out of its India Opportunities Fund, which has a corpus of Rs 600 crore.

Nashik-based Pawar Electro Systems, promoted by a technocrat Kailash Pawar, will use the funding for expansion and automation of its manufacturing facilities at Satpur MIDC, Nashik, having production area of over 60,000 sq ft.

The company is a manufacturer and exporter of blood bank and medical cold chain equipment and primarily engaged in the manufacturing of laboratory/magnetic stirrers & centrifuges, & blood bank refrigerators/freezers.

It has diversified into multi-product manufacturing divisions with a complete range of indigenously produced blood bank and medical cold chain equipment under its own brand named ‘Jove Automation’, the statement said.

Bonanza Corporate Solutions Pvt. Ltd. was the exclusive financial advisor for the deal.

SIDBI has three funds apart from India Opportunities Fund, which was established in August 2011 with a life of 10 years. The other three funds are Samridhi Fund, SME Growth Fund and National Venture Fund For Software and IT Industry (NFSIT).

India Opportunities Fund was floated to provide growth capital to MSMEs operating in emerging sectors such as light engineering, clean-tech, agro-based industries, logistics, infrastructure, educational services, IT/ITES, etc.

(Edited by Joby Puthuparampil Johnson)

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