IDFC PE invests Rs 200 crore in Deepak Cables

Bangalore-based Deepak Cables, a leading player in the power transmission & distribution (T&D) space, today announced that it received an investment of Rs 200 crore from IDFC Private Equity, a PE fund focussed on infrastructure.

IDFC PE Managing Director Satish Mandhana said, “We firmly believe that along with generation projects, an efficient T&D infrastructure has become extremely critical for powering a rapidly growing India. We look forward to a long and productive partnership with the company.”

With this investment, Deepak Cables has raised a total amount of Rs 285 crore to give impetus to its growth plans. The company, which has captive aluminium conductor manufacturing facilities, had in June raised Rs 85 crore in a round led by UTI Ventures.

Deepak Cables MD K Venkateshwara Rao said, “We are delighted to have IDFC PE as an investor in our company. We would like to work with the PE investors to help us achieve greater strides in building India’s power infrastructure. Given the government’s strong emphasis in five-year plans on T&D upgradation, Deepak Cables foresees huge potential in such contracts across the country. Harnessing this potential would enable us to rapidly scale up the business and embark on newer areas of power T&D.”

Some of the earlier energy sector-related investments made by IDFC PE include Suzlon’s SE Forge (one of the world’s largest manufacturers of wind mill components) and Moser Baer’s PV Technologies.