the Epitome weekly- Newsletter

Issue: 0830| Tuesday, July 22, 2008

GE Commercial Finance Invests in Controls & Switchgear

July 16, 2008

India-based manufacturer of power management products, Controls & Switchgear Co. Ltd (C&S), has raised USD 23.8 million in PE funding from GE Commercial Finance India, the PE arm of US-based General Electric (GE). The fund will be used for capacity expansions and strengthening its R&D credentials and for inorganic growth opportunities. Avendus Capital was the advisor in the deal.

C&S is a USD 175 mn - company with core strengths in the fields manufactures power generation, distribution, and protection products including of low and medium voltage switchgear, engineered power busbars. The company claims to have grown at a CAGR of 32% year-on-year since 2002-03, while the industry average is 19%. The group has 16 manufacturing plants, spread across Noida, Haridwar and Pantnagar, and employs over 2,500 people.

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