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IIFL Asset Management Limited (IIFL AMC), today announced that an Alternative Investment Fund, managed by IIFL AMC has invested INR 100 crores into Kolkata-based CDE Asia Limited (CDE Asia), to help the company consolidate its growth plan.
CDE Asia is a leading manufacturer of wet-processing equipment and part of United Kingdom headquartered CDE Group. The Company combines processing technology with specialized metallurgical know-how in an integrated energy and water efficient patented product set.
Commenting on the deal, Manish Bhartia, (MD and Promoter) of CDE Asia, said, “The infusion of funds by IIFL AMC will uniquely position us to grow our artificial sand (m-sand) processing equipment and services business in India, Japan, South Korea and other South East Asian countries.We are also seeing emerging opportunities in waste reprocessing for roads, construction, solid waste management and manufacturing sectors such as metal ore, silica and cement.”
M-sand is a sunrise industry at a nascent stage and has also witnessed various state governments promoting its use.Citing this, many states in India have either restricted or altogether banned river sand mining.
Anup Maheshwari, (CIO and Joint CEO) of IIFL AMC, said, “We are excited to be a part of the growth story of CDE Asia. It represents a unique high-quality opportunity in the manufacturing sector with best-in-class financial metrics. The company is exploring opportunities to expand its product range which would be used in newer applications. It has an impressive track record in ramping up supplies to marquee construction and industrial end customers. We have made over 25 private equity investments across the life-cycle of a company’s growth and are pleased to add CDE Asia to our portfolio.”
Pantomath Capital acted as sole Investment Banker to the transaction and financial advisor to CDE Asia.
About CDE Asia
Founded in 2006, CDE Asia is a leading manufacturer of wet-processing equipment serving 24 countries in the Indian subcontinent and South-East Asia. CDE Asia is part of the CDE Group, having its global headquarters in United Kingdom. CDE Group has been named as one of London Stock Exchange Group's 1000 Companies to Inspire Europe 2018.The company has been credited with developing patented and innovative products that have redefined the construction, mining and waste management industries.
CDE Asia provides pathbreaking solutions for combating growing shortages in natural sands, recovering value from low-grade minerals through beneficiation and solving the age-old problem of industrial C&D waste disposal by offering novel recycling techniques to recover useful construction materials. The company has received the much-coveted recognition by Department of Scientific & Industrial Research (DSIR), Govt. of India. The company’s solutions are designed to suit the local conditions, and enjoy the irreversible tailwinds of government policies of supporting the green way forward.
About IIFL Asset Management Limited
IIFL Asset Management Ltd. (IIFL AMC) is an asset management firm, with the objective of providing differentiated investment products suited for the market environment. IIFL AMC is the Investment Manager to the Schemes of IIFL Mutual Fund, IIFL Venture Fund (A Category I – Alternative Investment Fund), IIFL Private Equity Fund (A Category II – Alternative Investment Funds) and IIFL Opportunities Fund (A Category III- Alternative Investment Fund) and is also registered as a Portfolio Manager with the combine Assets Under Management of INR 19,711 Crore (US$ 2.8bn) as on March 31, 2019. IIFL AMC’s differentiated suite of mutual funds, alternative investment funds and Portfolio Management Services span public and private equities, fixed income securities and real estate. Its distinctive products bring out the entrepreneurial edge, agility and speed of execution of a boutique asset management firm.