Stelmec raises Rs 175 cr to fund growth in India, international markets

New Delhi, Feb 17 (PTI) Power solutions provider Stelmec on Monday announced raising of Rs 175 crore from a clutch of investors.

It will utilise the funds to accelerate expansion plans, enhance research and development (R&D) capabilities, and strengthen market presence both domestically and internationally, the company said in a statement.

"Stelmec has secured Rs 175 crore from a consortium (of investors). The transaction was facilitated by Hem Securities which served as financial advisor for the fundraise," it said.

Mumbai-based Stelmec is into engineering, procurement and construction (EPC) projects and proving of smart grid and power solutions.

With Abakkus Four2Eight Opportunities Fund as a partner, this investment will enable Stelmec to scale up its targets to provide top-notch electrical solutions, company's Managing Director Hamza Arsiwala said. PTI ABI HVA