Godavari Biorefineries, a manufacturer of biofuels and speciality chemicals, today said it has raised USD 15 million (Rs 90 crore) in equity funding from private equity firm Mandala Capital.
The funds invested by Mandala Capital will be used for a new manufacturing plant for speciality chemicals, an increased capacity for ethanol production, de-bottlenecking of existing plants and strengthening the company's utility infrastructure, the company said in a statement.
It will also fund an expanded facility for research and development, it said.
Godavari Biorefineries has sugar, ethanol, power and chemical plants in Karnataka and Maharashtra. The company has a manufacturing capacity of 70 million liters of ethanol.
Mandala Capital manages private equity funds that invest in companies focused on the agribusiness sector in the Indian subcontinent.
