Controls & Switchgear raises Rs 100 cr through PE funding
Controls & Switchgear Co. Ltd. (C&S), a leading Indian manufacturer of power management products, announced today that it has raised Rs.100 crores in private equity funding from GE Commercial Finance India. The company will use this investment towards its plans for capacity expansions, strengthen its R&D credentials and pursue inorganic growth opportunities. Avendus Capital executed the deal.
Tweet-- Controls & Switchgear Co. Ltd. (C&S), a leading Indian manufacturer of power management products, announced today that it has raised Rs.100 crores in private equity funding from GE Commercial Finance India. The company will use this investment towards its plans for capacity expansions, strengthen its R&D credentials and pursue inorganic growth opportunities. Avendus Capital executed the deal.
A Rs. 750 crore company, C&S has core strengths in the fields of Low and Medium Voltage Switchgear, Engineered Power Busbars and Protection Systems for the power, construction and infrastructure sectors. The company has grown at a CAGR of 32% year-on-year since 2002-03, outpacing the industry average of 19%. As demand for power in India is increasing at an annual rate of 8-10%, C&S is well positioned to play a crucial role in managing the demand for safer and larger electrical installations across the country.
“Currently C&S is amongst the highest investors in R&D in its segment and the additional inflow will further strengthen our resolve to continuously upgrade our technologies and facilities to compete with leading multinational companies. In addition, we are actively looking at inorganic opportunities to enhance our products portfolio and market access. GE is a valued investor and understands the dynamics of the Energy and industrial businesses. We have been working actively with GE’s industrial businesses and now we are delighted to have them as an investor in our company.” said R N Khanna, Chairman, C&S Group.
With more than 130 years of global experience and a team of local finance experts, GE Commercial Finance offers companies in India innovative financial solutions to help them grow. According to Vicky Bindra, President & CEO, GE Commercial Finance India, “GE is committed to financing India’s Infrastructure development. C&S offers a range of technologically advanced products that will play an integral part in meeting India’s, if not the world’s, increasing demand for power. We look forward to partnering with them to expand their business and establish a global presence.”
Notes to Editor
About C&S Group
C&S Group is one of the India’s leading manufacturers of power generation, distribution and protection products including Low Voltage Switchgear, Engineered Power Conductors and Protection Relays. C&S through its other JV companies also addresses the markets of domestic switchgear and lighting, diesel generating sets, medium voltage switchgear, alternators and inter connection devices. C&S Group turnover for financial year 2009 is expected to be Rs 1000 crores. The Group has 16 manufacturing plants, which are spread over Noida, Haridwar and Pantnagar, and employs over 2500 people. It has a nationwide presence with 20 sales offices and more than 400 distributors in India. C&S is India’s largest exporter of low voltage switchgear with sales in more than 70 countries worldwide. For more information, visit the company’s website at www.controlsindia.com
About GE Commercial Finance
GE Commercial Finance is one of General Electric's largest "growth engines." With lending products, growth capital, revolving lines of credit, equipment leasing of every kind, cash flow programs, asset financing, and more, GE Commercial Finance plays a key role for client businesses in over 35 countries. The industries served include healthcare, manufacturing, fleet management, communications, construction, energy, aviation, infrastructure and equipment, as well as many others. GE Commercial Finance has assets of over US$335 billion and is headquartered in Norwalk, Connecticut, USA.