Peepul Capital invests $15mn in UPT

Chennai 5th March 2008:- Peepul Capital has invested $ 15 million in Universal Power Transformers (UPT, www.upt.in ), a manufacturer of power equipment based in Bangalore. UPT is utilizing the invested funds for expansion of its existing facilities, shoring up working capital and for acquiring Moloney Electric Inc.

UPT's product range includes Transformers, Switchgears, Batteries and Unitised substations. The company manufacturers' distribution and medium range power transformers up to a rating of 30 MVA. The company has also recently entered the Projects business. UPT has marquee customers like ABB, Larsen & Toubro, Kirloskar Group, ISMTL, BHEL, Infosys, Wipro, as well as large builders like Prestige Group , Embassy Group and builders in the north like Unitech and Ansals to name but a few. The company has 4 manufacturing facilities in Bangalore and one in Haridwar with a sales office network in over 12 cities in India. The current management team has driven the business for the past four years during which the company has grown at a CAGR of over 100%.

Moloney Electric is one of the largest manufactures' of liquid-immersed distribution transformers in Canada. Moloney Electric exports approximately 30% of its products to the U.S., Caribbean and other international markets. It has three manufacturing facilities, strategically located in Toronto, Spruce Grove & Sackville. With the acquisition, the combined entity of UPT and Moloney is expected to have revenues of over Rs.400 crores.

Mr. Vipul Parekh of Peepul Capital said "The investment is in line with Peepul's belief in India's power sector reforms and UPT's commitment to deliver state of the art power equipment products. With Peepul's investment, the company will be poised to take full advantage of the significantly large power equipment market."

Mr. Dhruva Talwalkar, Managing Director,UPT, said "We are confident that with this investment, UPT will continue to take advantage of the exploding market in India and as well the international market. Post consummation of the transaction with Moloney Electric we will synergize our complementary product lines and aggressively target the North American markets."

Peepul Capital LLC, Mauritius (www.peepulcapital.com) is a leading Private Equity firm focused on India. Peepul Capital has a total of USD 325 Million under its corpus of managed and invested funds. It has so far invested in sectors like Technology driven Products & Services, Media and Consumer Products & Services.