Fidelity Growth Partners India (FGPI) has taken a minority stake in Shreem Electric Limited, a technology-oriented multi-product company which manufactures equipment and provides turnkey project solutions for the power transmission and distribution industry. Headquartered in Kolhapur district, Shreem Electric was established in 1976 and is the pioneer in reactive power compensation and the market leader in high-tension capacitors. The company has also expanded its product portfolio to include other medium and high voltage equipment like circuit breakers, instrument transformers, control & relay panels, lightning arrestors and other devices which are core ingredients in a transmission and distribution network. In the projects solutions business, Shreem has successfully designed and executed more than 2000 capacitor bank and 100 electric substation projects across the country, from 33KV to 400KV, through its pan-India sales and service network.
Raj Dugar, Senior Managing Director at FIL Capital Advisors (India), the private equity advisory arm for FGPI, has joined Shreem Electric’s Board of Directors. Mr. Dugar said, "We are excited to partner with the top-quality management team of Shreem Electric as they build a leading global electrical equipment and project company. Shreem is well positioned to capitalize on the tremendous growth we are witnessing in the power sector."
S. R. Jagadale, Chairman and Managing Director of Shreem Electric said, "Shreem has a strong heritage in product development and manufacturing, and an exemplary record in executing turnkey projects across the country over the past 34 years. The company generated revenues of close to Rs. 400 Cr in the previous financial year. We are glad to partner with FGPI in the next phase of our growth where we will seek to continue the thrust on developing and adopting next generation technologies as well as scaling up our turnkey project operations in the power transmission and distribution sector."
Deloitte acted as the sole financial advisor to Shreem Electric for the transaction.
About Shreem Electric Limited
Shreem Electric is a leading equipment and turnkey solutions provider with a focus on the power transmission and distribution sector. The company manufactures a wide range of medium and high voltage equipments like capacitors, circuit breakers, instrument transformers, control & relay panels, lightening arrestors and other measuring / monitoring devices. Shreem also offers turnkey solutions for capacitor banks and substations across various voltage classes. Headquartered in the Kolhapur district of Maharashtra, Shreem Electric has achieved domestic market leadership in the capacitor / reactive power compensation market and has built a strong presence in turnkey project execution for various state electricity boards. The company has a large manufacturing base in Kolhapur and project offices in most states across India. Shreem exports its products to 36 countries across the globe.
About Fidelity Growth Partners India
Fidelity Growth Partners India (FGPI) is the India-focused private equity arm of Fidelity Investment Management, focused on cross-sector growth capital investing. FGPI seeks to invest in high-quality, high-growth companies in India across a broad range of sectors with typical investment sizes ranging from $10 million to $50 million. FGPI is committed to making the companies it invests in leaders in their industries through access to patient capital with a long term investment mindset, a powerful network of resources and a team of investment professionals with a proven track record of success.
About Deloitte
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