Caisse de dépôt et placement du Québec (CDPQ) and Piramal Asset Administration are near investing $15-20 million non-public credit score in Sri Sarvaraya Sugars Ltd, a Chennai-based bottler of Coca-Cola India, two individuals conscious of the matter mentioned.
The transaction is being suggested by Ernst & Younger (EY), one of many two individuals cited above mentioned, requesting anonymity. CDPQ and Piramal had floated the $300 million non-public credit score platform final February. Sri Sarvaraya Sugars operates 4 items in Andhra Pradesh and Telangana.
Emailed queries to EY and Piramal Asset Administration remained unanswered until press time.
Based in 1956, Sri Sarvaraya Sugars additionally operates an built-in sugar plant with a crushing capability of 4,000 TCD (tonnes crushed per day) within the Chelluru district of Andhra Pradesh, in accordance with a 2019 ICRA report. It additionally has a distillery and co-generation plant with a capability of 12.65MW, which was commissioned in 2008.
The agency, in accordance with VCCEdge, reported a complete revenue of ₹614 crore and revenue after tax of ₹36 crore within the monetary 12 months 2020.
CDPQ and Piramal arrange the platform to supply non-public credit score to Indian firms throughout sectors together with manufacturing, client, industrial, prescribed drugs and logistics. CDPQ would herald 75% of the dedicated $300 million corpus, the corporations mentioned on the time.
The non-public credit score platform is the second occasion of CDPQ and PEL collaborating for co-investment alternatives.