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IIFL AMC invests $14.5m in industrial equipment maker CDE Asia

IIFL Asset Management Limited (IIFL AMC), the alternative investment arm of the IIFL group, Monday announced that it has invested Rs 100 crore  (about $14.5 million) in Kolkata-based CDE Asia Limited (CDE Asia), to help the company consolidate its growth plan. 

CDE Asia, which is a part of UK-headquartered CDE Group, manufactures wet-processing equipment. 

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, the company said in a statement. 

Anup Maheshwari, (CIO and Joint CEO) of IIFL AMC, said, “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.”