Clean fuels firm seeks $12.5 M (in two tranches of $7 & $5.5 M)
Company manufacturing conversion kits to convert diesel engines to CNG is looking to raise about US$12.5 million. Conversion is becoming mandatory by law & this company has the track record of converting over 1,000 buses in 2002. This is one of two companies approved by ARAI (other being Cummins) to make CNG engines. The 2008-09 top line is expected to be US$17 million with an EBIDTA of 32%. The new funds are to be used for Setting up the manufacturing facilities and additional approvals of engines and kits.
Interested investors may contact Atul P Anand at email@example.com or Tel: +91-9810020279.