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MACHINIST - Cethar Vessels to invest Rs 405cr in Manufacturing capacity, Power Plants

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Cethar Vessels to invest Rs 405cr in Manufacturing capacity, Power Plants
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Written by Krishna Kumar   
Friday, 31 December 2010

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Tiruchirapalli:Cethar Vessels Ltd, a manufacturer of boilers for power plants, plans to invest $90 million (Rs 405 crore) for setting up facilities to manufacture steam turbine and generator, acquiring land for developing power plants, and enhancing it's manufacturing capabilities for supercritical boilers. The funds have been raised through a minority stake sale to Baring Private Equity Partners India.

Baring Private Equity will support Cethar Vessels plans to expand in the domestic and international markets. This is Baring India Funds largest investment in the country.

Cethar Vessels Limited (CVL), a USD 500 million plus company, is head quartered in Trichy.  By virtue of being in the business for the past 25 years and owing to its exceptional engineering skill sets, infrastructure and information systems, CVL has gained significant reputation in the design, manufacture and construction of thermal power plants in India. 

Part of the funds would be utilised by the company for setting up two 2,000 MW power plants, one in Tamil Nadu and another in Andhra Pradesh or Orissa. The company is currently executing power plants of unit sizes upto 350 MW and is in the process of getting orders for super critical boilers in the capacity range of 660 to 800 MW. 

Cethar Vessels plans to set up a joint venture turbine plant with Power Machines of Russia. Cethar is considering a 26 per cent stake in this joint venture, which is likely to be finalised in May 2011. The Rs 1,200-crore project is slated to be commissioned in Tiruchi by 2013.

Cethar Vessels could also invest in balancing equipment for supercritical boiler manufacturing.

"We chose Baring Private Equity Partners India on account of their appetite for investment in infrastructure projects, ability to understand the technological intricacies in power equipment segment and their intention to deal with the company with high level of transparency.  We are sure that this partnership will take the company to greater heights; both in India and other global markets.  We also believe Baring Private Equity Partners India will partner with us in the process of converting a vision into reality. Working with IDFC Capital, CVL found a resourceful and patient investment Banker," said K Subburaj, Founder and Chairman, Cethar Vessels Limited.

"Given the sustained demand supply gap for electricity in the country, the power sector have been a key component of Baring India's investment strategy over the last several years. The partnership with Cethar is a key milestone in this context and brings to fruition discussions that have been on for more than a year. We find Cethar Vessels to be an exceptionally well run company and a forerunner owing to its best in class technology, high standard of operating excellence, quality mindset, global competitiveness and experienced management team.  We are very excited to contribute to their growth with our domain expertise in this sector and collectively take the company to new heights of success," said Karthik Ranganathan, Partner, Baring Private Equity Partners India.

Last Updated ( Friday, 31 December 2010 )
 
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