Templeton Strategic Emerging Markets Fund III LDC (“TSEMF III”) has just concluded a $17.8 million (around Rs.80 crore) investment in Apar Industries Limited (“Apar”), India’s largest manufacturer of transformer oils and the country’s second largest manufacturer of conductors. Apar exports transformer oils and conductors to over 50 countries.
TSEMF III, which invests in listed as well as unlisted companies in emerging markets, is the third Strategic Equity fund managed by Templeton Emerging Markets Group, which is of Templeton Asset Management Ltd, an investment management company incorporated in Singapore which is part of NYSE-listed Franklin Resources, Inc.
Dr. Mark Mobius, executive chairman of Templeton Emerging Markets Group said, “We are impressed with Apar’s track record and capabilities which can be leveraged for Apar to play a meaningful role in strengthening the transmission and distribution networks in India. Templeton’s investment will fund the company’s ongoing capacity addition program and strengthen its working capital. This investment fits well with our global exposure to the infrastructure sector and we look forward to working with Apar’s management and promoters to make this a landmark relationship.”
Mr. Kushal Desai, managing director of Apar said, “Templeton’s association with Apar is a huge vote of confidence in our business, processes and high standards of corporate governance. We look forward to Templeton’s support and involvement in making our business standards truly global. We continue to grow globally with a special focus on the domestic market, which is among the fastest growing in the world”.
About Templeton Strategic Emerging Markets Fund III, LDC (“TSEMF III”) and Templeton Emerging Markets Group
TSEMF III, a private equity fund incorporated as a Limited Duration Company in the Cayman Islands and available only to institutions and sophisticated investors, makes strategic investments throughout emerging markets.
TSEMF III is managed by Emerging Markets Group of Templeton Asset Management Ltd (“TAML”). Templeton Emerging Markets Group is led by Dr. Mark Mobius, a pioneer in emerging markets investing who has over 30 years of experience managing assets for retail, institutional and professional investors across the globe. Dr. Mobius’ team of emerging market investment professionals are based in 17 offices located in emerging markets around the world, including Singapore and Hong Kong, and the group manages approximately US$55.8 billion of emerging markets assets as of March 31, 2011.
Franklin Resources, Inc. (“FRI”) (NYSE: BEN), the ultimate parent company of TAML, is a global investment management organization operating as Franklin Templeton Investments. Franklin Templeton Investments provides global and domestic investment management solutions managed by its Franklin, Templeton, Mutual Series and Fiduciary Trust investment teams. The San Mateo, California-based company has more than 50 years of investment experience and approximately US$733.1 billion in assets under management as of April 30, 2011.
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