Promac Engineering Secures $8 Million In Private Equity Investment

Promac Engineering Industries Ltd. Recently announced that the company has secured about $8 million (Rs 33 Crore) in a recent private equity financing. Private equity firm Tano Capital has made this investment.

Promac Engineering Industries Ltd. is based in Bangalore. The company was established in the early seventies and is in the Heavy Engineering Sector, supplying complete cement plants up to 1.5 million tones per annum capacity, besides providing Bulk Material and Coal Handling Systems for the Process Industry on a turn key basis.  The investment stake terms were undisclosed. Mape Group advised Promac in the private placement.

Tano Capital India has $110 million under its management. Carlton Pereira, Managing Director, led the investment for Tano Capital.

Promac, set up in 1972, is in the heavy engineering and capital goods sector. It designs and manufactures material handling equipment for a variety of industries like cement and coal. The company last year recorded a turnover of Rs 125 crore and profits of Rs 10 crore.

Promac has an exclusive tie up for India with Japan’s Taiheiyo Engineering Corporation (TEC) for rotary cement plant projects up to 1million TPA capacity on a turnkey basis, among other things. It has executed more than 150 projects in the cement and material handling sector for clients like Lafarge (South Africa), Redler (UK), Purechem Industries (Nigeria), Hiedelburg (Germany), L&T, BHEL, Grasim, BALCO, JK Cement and Sterlite industries. J. Surendra Reddy and T. N Vasanth Kumar Reddy are the promoters of the company.

For more information, please visit www.promacindia.com