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Private Equity
banyantreefinance.com

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Investments

17

Funds

2

About BanyanTree Finance

BanyanTree Finance is advisor to BanyanTree Growth Capital (BTGC) and BanyanTree Growth Capital - II (BTGC - II). BTGC and BTGC - II are USD c. 100 million and c. 175 million structured private equity funds that provide capital to middle-market companies with promising growth prospects within the rapidly expanding Indian economy.

BanyanTree Finance Headquarter Location

1418, Maker Chambers V Nariman Point

Mumbai, 400 021,

India

+91 22 6623 5555

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Latest BanyanTree Finance News

India: BanyanTree backing Mesco Group unit for Electrosteel bid

Oct 23, 2017

Ltd has joined the race for Electrosteel Steels Ltd which is currently in bankruptcy courts, two people aware of the development said. Banyan Tree will back Mideast Integrated Steels Ltd (MISL) , part of Odisha-based Mesco Steel group, for the Electrosteel bid, the first of the two people said on condition of anonymity. MISL has submitted an expression of interest with the insolvency professional named by the National Company Law Tribunal (NCLT). Mesco is among six bidders for Electrosteel’s assets. Others include Tata Steel Ltd, Dalmia Bharat Ltd, Electrosteel Castings Ltd, Srei Infrastructure Finance Ltd and Edelweiss ARC, the second person cited above said. BanyanTree Finance is the local adviser to BanyanTree Growth Capital, which manages assets of $300 million across two private equity funds. In 2015, Banyan Tree Bank Ltd, Mauritius, the sister concern of BanyanTree Finance, had made a Rs40 crore debt investment in MISL—one of the largest integrated steel manufacturing companies in India. Electrosteel Steels owes Rs10,274 crore to a consortium of banks led by State Bank of India (SBI). “It is true that we are bidding for Electrosteel Steels Ltd and our financial adviser is Banyan Tree Capital Advisors,” said Rita Singh, chairperson and managing director, MISL. However, the debt and equity structure are still being worked upon, she said. Therefore, the company is not in a position to give further details now, she added. An Electrosteel spokesman confirmed that about six expressions of interest have been submitted without disclosing details. “It is a policy of the bank not to comment upon individual accounts and its treatment,” said an SBI spokesperson. “Tata Steel would not like to respond to market speculations. As a company, we are always open to evaluating various options that could create shareholder value,” said a Tata Steel spokesperson. A Dalmia Bharat spokesperson declined to comment, while mails sent to Srei Infra and Edelweiss ARC did not elicit any response. BanyanTree Finance has invested in companies such as Pune-based ethnic foods maker Nilon’s Enterprises Pvt Ltd, coaching services provider MT Educare, infrastructure firm Dilip Buildcon Ltd, Gujarat-based electric motor maker Rotomag Motors and Controls Pvt. Ltd, Hyderabad-based power infrastructure service provider Power Mech Projects Ltd, and Bengaluru-based renewable power producer Atria Power Corp. Ltd. The promoter company Electrosteel Castings Ltd holds about 45.23% stake in Electrosteel Steels Ltd, out of which 80% stake is pledged with lenders. Electrosteel Steels is one among the 12 stressed accounts that the Reserve Bank of India (RBI) asked lenders to refer for bankruptcy proceedings. In June, SBI and other lenders have moved insolvency proceedings against Electrosteel Steels at the NCLT under the Insolvency and Bankruptcy Code, 2016. In fiscal year 2017, Electrosteel Steels’ loss jumped to Rs1,463.48 crore from Rs368 crore in the previous year. Its revenue slipped marginally to Rs2,867.82 crore from Rs2,904.47 crore in the previous year. In FY17, the company’s finance cost alone was Rs1,129.83 crore compared with Rs526.63 crore in the previous year, according to a July report in Mint. Founded in 2006, Electrosteel Steels has set up a 2.5 million ton per annum greenfield integrated steel plant in the Bokaro district of Jharkhand. The company went public in September 2010. At that time, UK-based steel trading firm Stemcor Global Holdings Ltd had a substantial stake in the company. Incorporated in 1992 with assets in coastal Odisha, MISL currently operates an iron ore mine and a pig iron plant in Odisha. MISL currently operates two 389 cubic meter blast furnaces at its plant at Kalinga Nagar, Odisha. MISL’s main products are iron ore fines, calibrated lump ore and pig iron. MISL is planning a major expansion at its plant, which will take the finished steel capacity to 3.5 million tonnes in two phases, according to its website. Also read:

BanyanTree Finance Investments

17 Investments

BanyanTree Finance has made 17 investments. Their latest investment was in Origami Cellulo as part of their Private Equity on November 11, 2017.

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BanyanTree Finance Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

11/16/2017

Private Equity

Origami Cellulo

Yes

1

5/16/2017

Private Equity

Kanakadurga Finance

$10M

Yes

1

5/4/2017

Private Equity

Popular Vehicles & Services

Yes

1

3/1/2017

Seed

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$99M

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10

6/3/2016

Growth Equity - II

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$99M

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10

Date

11/16/2017

5/16/2017

5/4/2017

3/1/2017

6/3/2016

Round

Private Equity

Private Equity

Private Equity

Seed

Growth Equity - II

Company

Origami Cellulo

Kanakadurga Finance

Popular Vehicles & Services

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Amount

$10M

$99M

$99M

New?

Yes

Yes

Yes

Subscribe to see more

Subscribe to see more

Co-Investors

Sources

1

1

1

10

10

BanyanTree Finance Fund History

2 Fund Histories

BanyanTree Finance has 2 funds, including BanyanTree Growth Capital II.

Closing Date

Fund

Fund Type

Status

Amount

Sources

1/14/2013

BanyanTree Growth Capital II

Expansions & Growth

$150M

1

7/23/2010

BanyanTree Growth Capital

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$99M

10

Closing Date

1/14/2013

7/23/2010

Fund

BanyanTree Growth Capital II

BanyanTree Growth Capital

Fund Type

Expansions & Growth

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Status

Amount

$150M

$99M

Sources

1

10

BanyanTree Finance Team

2 Team Members

BanyanTree Finance has 2 team members, including current Managing Director, Anshuman Goenka.

Name

Work History

Title

Status

Anshuman Goenka

Beacon India Private Equity Fund

Managing Director

Current

Sanjiv Singhal

Managing Director

Current

Name

Anshuman Goenka

Sanjiv Singhal

Work History

Beacon India Private Equity Fund

Title

Managing Director

Managing Director

Status

Current

Current

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