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PNN
Mumbai (Maharashtra) [India], February 21: Mumbai-based Stelmec Limited, a three-decade-old name synonymous with Electrical Power Products in India and a trusted partner to various State Owned and Private Power Utilities, has secured Rs175 crores from a consortium led by Abakkus Four2Eight Opportunities Fund. The transaction was facilitated, Hem Securities Ltd., who played a pivotal role in structuring and executing the deal. Stelmec is engaged in the manufacturing of MV switchgear and other value-added products for Transmission & Distribution networks. It is a leader in Vacuum Circuit breaker technology solutions in the field of MV Switchgear products for the Utility market. It is also engaged in EPC of High Voltage substations and T&D lines. The funds raised will be utilized to accelerate Stelmec's expansion plans, enhance R&D capabilities, and strengthen its market presence both domestically and internationally. "We are thrilled to have Abakkus Four2Eight Opportunities Fund as a partner. This investment is a testament to the hard work and dedication of our team, and it will enable us to scale new heights in our mission to provide top-notch electrical solutions. We look forward to leveraging this partnership to drive growth and create value for our stakeholders. This investment underscores the strength of our business and with the strategic engagement of Hem Securities, we were able to successfully close this deal. ", said Mr. Hamza Arsiwala, MD of Stelmec Limited. Hem Securities Ltd. served as the exclusive financial advisor for the fundraise, leveraging its deep expertise in this space to structure and execute the transaction efficiently. "We are proud to have advised Stelmec in this landmark deal, ensuring a seamless fundraising process. This investment will fuel the company's growth ambitions, and we are delighted to have played a crucial role in bringing together Stelmec and Abakkus Four2Eight Opportunities Fund," said Mr. Gaurav Jain & Mr. Prateek Jain from Hem Securities Ltd. Stelmec continues to be at the forefront of growth story of India's power sector, delivering high-quality products and services that cater to a diverse range of clients. "We are excited to support Stelmec Limited in their journey towards innovation and growth. Stelmec's commitment to excellence and their forward-thinking approach align perfectly with our investment philosophy. We believe this collaboration will yield significant benefits for both parties," said Mr. Ankit Aggarwal, Fund Manager of Abakkus Four2Eight Opportunities Fund. Abakkus Four2Eight Opportunities Fund, is the maiden Private Equity fund of Abakkus Asset Manager Private Limited. A Mumbai based Asset Management Company founded by Mr. Sunil Singhania, is known for its investments in high-growth potential companies and sees this partnership as an opportunity to support Stelmec's ambitious plans and contribute to the advancement of the electrical solutions sector. (ADVERTORIAL DISCLAIMER: The above press release has been provided by PNN. ANI will not be responsible in any way for the content of the same)
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