February 2009
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Nine Rivers Capital invests $10m in engineering company

Nine Rivers Capital, a Mauritius-based private equity firm focused
on India-centric opportunities, has invested INR500m ($10m) for a
minority stake in Pranav Construction Systems, an Indian formwork
engineering company.
The funds will be used to set up a
manufacturing facility that will see a capacity expansion of nearly 400
per cent, from 9,600 metric tons per annum to 45,600 metric tons per
annum; to augment its long-term working capital needs to fuel future
growth; and to create rental fleets for the Middle East markets, the
firm said.

Pranav’s products have been used by its customers in infrastructure
projects in India and the Middle East, such as the Delhi Metro, the
Mumbai Metro, the Dubai Metro and the New Doha International Airport.

Sandeep Daga, director of Nine Rivers Capital, said “Advancements in
formwork engineering have created a paradigm shift in construction
methodology the world over and Pranav, with its proven track record, is
well placed to emerge as a leading formwork engineering company in the
Asian region in the coming years.”

Nine Rivers manages a $125m fund and provides growth and expansion
capital to SMEs. The firm aims for investments of $5m to $15m.
Source: Alt Assets

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