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Deal Alert: Pragati India Fund invests US$5-M in Jash Engineering

From the Press Release:

Pragati India Fund today announced its maiden investment in Indore-based Jash Engineering Limited, a leader in the manufacture of customized engineering goods for water and waste water infrastructure sector.

Jash Engineering is a leading manufacturer of customized equipment across the value chain in the water and waste water management industries. Founded in 1972, the company has market leading positions in its product categories of gates, screens, valves and is now expanding into manufacturing of process equipment for treatment plants, Archimedean screw pumps and generation of clean power from residual water of water treatment plants using Hydropower screw generator technology. Jash’s products are widely used across India’s largest municipalities which are increasingly focused on the urgent requirement to augment water and waste water treatment capacities. In the corporate sector, Jash’s products are used for liquid and bulk solid waste handling in cement, paper, chemical, steel and power plants. With 800 employees across three plants in Indore, the company exports its products to over 20 countries globally. The company has recently entered into an agreement with Rehart, Germany, a leader in Archimedean screw pumps and Hydropower screw generator technology, enabling Jash to pioneer the manufacture and installation of these systems in India.

Mr. L.D. Amin, the CMD said “Jash has focused on emerging as India’s first water infrastructure product company with solutions across the water treatment value chain. With the central and state governments pushing for world class water treatment solutions, we are excited about contributing to the push for quality water infrastructure across Indian cities, contributing to safer, healthier living standards nationwide.”

Mr. Pratik Patel, the MD added “We are excited about partnering with Pragati Fund in this new phase of growth for Jash Engineering. Over the past few years, our rapid growth has been fuelled by pioneering new technology and continuously entering successive stages of the water infrastructure value chain in our quest to build an integrated product company. This investment will help us significantly expand capacity, strengthen our export business and partner municipalities to generate clean power from residual water.”

Pragati is a private equity fund primarily focused on providing growth capital to SMEs based in North and Central India. Pragati is backed by the Commonwealth Development Corporation (“CDC”) and International Finance Corporation (“IFC”). Speaking about the investment, Narayanan Shadagopan, Managing Director of Pragati Equity Advisors, said “Jash Engineering impressed us with their strategy for a water infrastructure product company and their passion for technological excellence. The company also practices high standards of corporate governance and an environment focused approach in their product and manufacturing strategy. We are enthusiastic about the management’s growth strategy and look forward to working closely with them on building a market leader in the water infrastructure products space.”

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