Saravana Global Energy gets $25mn funding

Chennai, India, February 24, 2008: Saravana Global Energy Limited (SGEL) today announced that the company has received equity investment from NYLIM Jacob Ballas India Fund III, LLC (NYLIM JB India Fund), a Mauritius based Private Equity investor. The USD 25 Mn funding was syndicated by MAPE Advisory Group.

Commenting on the deal, Mr. Ajeeth P Challani, Managing Director, SGEL, said, "We are pleased to be associated with investors of such a high pedigree. The investment is a significant milestone, and validates the strength of our company and potential of our business. Our relation with the investors will further enable us to achieve our vision of being a fully integrated, world class power equipment player."

He further added that the investment would be utilized to finance the setting up of a new state of the art high voltage insulator manufacturing facility with a capacity of 24,000 tons per annum. The facility would help it to enter the hollow insulator segment.

Bharat Bakhshi, Partner, Jacob Ballas Capital India Pvt Ltd ("JBC"), investment advisor to NYLIM India JB Fund, said "SGEL has built good client relationships with leading global original equipment manufacturers ("OEM"s) and engineering, procurement and construction ("EPC") companies, due to its strong focus on quality, timely deliveries and cost competitiveness. Given the huge investments envisaged in the power sector, we are confident that SGEL will show continued success, and we look forward to being a partner in this success." Mr Bakhshi has joined the Board of Directors of SGEL.

JBC, based in New Delhi, is the investment advisor to the three India focused private equity funds, New York Life International India Fund (Mauritius), LLC, the New York Life Investment Management India Fund II LLC and NYLIM Jacob Ballas India Fund III, LLC.

About SGEL

Chennai based Saravana Global Energy Limited is one of India's leading manufacturers of high voltage electro-porcelain insulators for use in sub-stations, power equipments, transmission and distribution ("T&D") lines and railway electrification. SGEL supplies its insulators to Original Equipment Manufacturers (OEMs) & Engineering, Procurement & Construction companies (EPCs) and State Electricity Boards (SEBs). SGEL's current manufacturing capacity is 15,000 tpa headed by Mr. S. Rangaswami, Technical Director.

SGEL was promoted by Mr. Padam J Challani, Chairman and Mr. D.B Prakash Chand Jain, Vice-chairman in 2003, when they had acquired the assets of erstwhile Seshasayee Industries Ltd, a reputed manufacturer of Porcelain Insulators which became sick in 1992. The unit was revived from an initial capacity of 1200 tons per annum under the leadership of Mr.V.Pichumani, Advisor to the company.

About NYLIM JB India Fund

NYLIM Jacob Ballas India Fund III, LLC is a Mauritius based fund with an investment objective of achieving long-term capital appreciation through equity or equity-related investments into companies based in or with significant operations in India. Previous investments by the Fund include Aster Teleservices Limited and Mahindra Holidays & Resorts India Limited.

About Jacob Ballas Capital India Pvt Ltd

Jacob Ballas Capital India Pvt. Ltd (JBC, www.jbindia.co.in), based in New Delhi, is the investment advisor to the three India focused private equity funds, New York Life International India Fund (Mauritius), LLC, the New York Life Investment Management India Fund II LLC and NYLIM Jacob Ballas India Fund III, LLC. The ten member investment team of JBC has over 140 years of collective operating and investing experience, with over 40 years focused on private equity investments in India. The funds have invested in a diverse range of sectors including telecom, ports, power, engineering construction, shipbuilding, real estate, textiles, auto components, IT consulting and printing.

JBC was founded by Mr Rajan Jetley, Chairman, who is a well known professional and entrepreneur. Mr Jetley, Chairman of JBC, has previously served as CEO of Air India and India Tourism Development Corporation, and as Director of International Airports Authority of India. JBC's shareholders, apart from Mr Jetley, include NYLCAP Holdings (Mauritius) which is wholly owned by New York Life Investment Management Holdings LLC, a wholly owned subsidiary of New York Life Insurance Company, Excelfin, promoted by Mr B S Ong and Mr David Ban, reputed Asian entrepreneurs with extensive interests in property, retail and lifestyle businesses and Indtech Constructions Pvt Ltd, promoted by Mr Atul Punj, Chairman of Punj Lloyd Ltd, one of India's leading engineering construction conglomerates. For more information please visit www.jbindia.co.in