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The Hyderabad-based infrastructure development company, the ECI Engineering and Construction Company Ltd (ECI) has recently made an announcement that it has raised an amount of Rs 100 crore of private equity capital. The company officials have stated that it has raised the amount through a preferential allotment to Sabre Abraaj, that is a fund managed by Sabre Capital. The officials added that they will use the funds for expanding its construction business, financing its investment in hydro power BOOT projects.
The Managing Director of ECI, Mr. Vijay Kaza has informed that the company would also use the fund for building a modern manufacturing unit to fabricate steel towers, that is required for their core power transmission and distribution (T&D) business. He said that the Co-founder and Managing Director of Sabre Capital, Mr. Rajiv Maliwal will be representing the Sabre Abraaj, on the Board of Directors of the company
Mr. Maliwal was also talking about the other aspects of the company and said that ECI has reported a turnover of Rs 200 crore during the financial year of 2006-07. He said that the company is having an order book of around Rs 1,800 crore at the moment and it is currently executing some hydro power projects in the states of Assam and Arunachal Pradesh. The projects are being executed for installing a capacity of 110 MW power. The industry sources have informed the role of sole financial advisor to ECI for this private placement has been performed by Edelweiss.
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| Posted : 4/7/2008 |
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