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Ind: Agarwal conducted private equity financing with Standard Chartered

Stocks and Financial Services Press Releases วันศุกร์ที่ ๓ มิถุนายน พ.ศ. ๒๕๔๘ ๐๘:๒๕ น.
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Agarwal Business Group Shipyard Limited (ABG), India's largest private sector shipyard, announced that the company has concluded a Rs 140 crores (US$ 32 million) private equity financing round with Standard Chartered Private Equity (SCPE), Leverage India Fund, a fund managed by Infrastructure Leasing & Financing Services Limited (IL&FS) Investment Managers and Merlion India Fund, a Fund managed by SCPE. IIML acted as Financial Advisors to ABG and structured this placement.

ABG is expanding its shipbuilding facilities to meet the exponential demand for newly built ships and vessels. This expansion is expected to be completed during FY2008. The balance funding of the project would be partly through debt and an Initial Public Offering of Rs 100 crores (US$ 23 million) later in the financial year.

"The support and funding that we have received from top-tier investors not only validates that Indian shipyards can compete in a global market, but also puts ABG in a strong spot to build on its growing leadership position within the Indian shipbuilding industry" said Rishi Agarwal, Managing Director, ABG Shipyard.

He added, "working with investors who both understand and are committed to India's long-term economic potential is critical to our success which is one of the reasons we chose Standard Chartered and IL&FS Investment Managers".

"We believe that India will play a key role in the Asian shipbuilding industry with its inherent advantage of competitive labour costs, skilled engineering and naval architectural talent and thrust by the Government of India to fully exploit India's vast coastline for growing its trade in the global markets", said Shahzaad Dalal, Vice Chairman and Managing Director, IL&FS Investment Managers.

"ABG is a great example of an Indian company successfully competing and growing in the global marketplace. Led by a dynamic entrepreneur, with a first class management team, an international customer base, ABG is well poised to grow and become one of the leading shipyards out of Asia", said Nainesh Jaisingh, India Head, Standard Chartered Private Equity. He added that, "We will add value to this partnership by leveraging on the strong networks, market knowledge and financing capabilities that Standard Chartered Bank enjoys as the leading bank in Asia."

--www.theasianbanker.com (JUNE 3 2005)--

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