GEF invests Rs 75 cr in Rishabh Instruments

SACEF, a South Asia-focused SME fund managed by the Global Environment Fund (GEF), has invested Rs 75 crore in Nashik-based industrial control/test and measurement products company, Rishabh Instruments.

Founded in the 1980s by Narendra Goliya, an Indian Institute of Technology and Stanford educated entrepreneur, Rishabh closed financial year 2013 with consolidated revenue of about Rs 225 crore. Lodha Capital Markets acted as the exclusive financial advisor to Rishabh Instruments in this transaction.

Rishabh had acquired a Poland-based company, Lumel SA, in 2011 for $25 million.

“Rishabh's products are at the core of GEF's investment philosophy that energy measurement and monitoring drive resource efficiency,” said Raj Pai, managing director, GEF Advisors India Pvt Ltd.

The Industrial Control Products market in India is estimated at Rs 2,000 crore and the global market is estimated to be $3.5 Billion.

Test and Measuring Instrument market in India is Rs 800 crore and includes some renowned names such as Yokogawa, Fluke, Tektronix, Agilent, Keithley and Gossen Metrawatt.

This sector has witnessed major deals such as acquisition by Schneider of Luminous Power Technologies, acquisition of industrial automation business of Messung Group by Mitsubishi Electric and the acquisition of the UPS business of Numeric Power Systems by Legrand.

Established in 1990, GEF has approximately $ one billion in aggregate capital under management. Over the last two decades, GEF has been investing in India through its global fund and has pooled in over $100 million across nine deals.

The private equity firm has exited from five of its portfolio companies and its active investments include Integrated Cleanroom Technologies, Kalki Technologies, Greenko Group Plc and Saisudhir.