Mumbai: Delhi-based Goldplus Glass Industry Ltd, which makes a range of glass products for homes and commercial projects, is in talks to raise up to Rs300 crore from diversified financial services firm Edelweiss Group through a structured debt transaction, at least two people aware of the matter said.
“The funding will be deployed to the company through Edelweiss Special Opportunities Fund (ESOF) II,” said one of the two people. He requested anonymity because he is not authorized to speak to the media.
The capital the company is raising will be utilized to fuel its expansion plans, said the second person mentioned above, also on condition of anonymity.
Emails sent on Friday to Goldplus Glass seeking further information did not elicit any response. Edelweiss declined to comment.
Incorporated in 1985, Goldplus Glass makes a range of glass products. It has a float glass manufacturing unit with a capacity of 470 million tonnes/day at Roorkee in Uttarakhand, and two processing units—one in Sonipat, Haryana, and another in Kala Amb, Himachal Pradesh.
Edelweiss Global Asset and Wealth Management recently raised $350 million in the final close of its second credit-focused fund ‘ESOF II’, which invests in privately negotiated collateralized credit transactions.
ESOF II has raised funds from several institutional investors, including public pensions and insurance firms. ESOF I had raised $230 million. The fund achieved a first close of $205 million in June 2015.
Edelweiss’s second credit fund comes at a time when a host of other firms in the alternative investment space are in the market to raise credit-focused funds. These include the likes of Reliance AIF Asset Management Co. Ltd, Avendus Capital and private equity firms Kohlberg Kravis Roberts and Co. Lp and Baring Private Equity Asia.
With an asset base of more than Rs33,000 crore, Edelweiss Group is one of India’s leading diversified financial services companies.