OPEN APP
Home >Companies >News >Piramal and CDPQ look to invest in Coca Cola bottler

Caisse de dépôt et placement du Québec (CDPQ) and Piramal Asset Management are close to investing $15-20 million private credit in Sri Sarvaraya Sugars Ltd, a Chennai-based bottler of Coca-Cola India, two people aware of the matter said.

The transaction is being advised by Ernst & Young (EY), one of the two people cited above said, requesting anonymity. CDPQ and Piramal had floated the $300 million private credit platform last February. Sri Sarvaraya Sugars operates four units in Andhra Pradesh and Telangana.

Emailed queries to EY and Piramal Asset Management remained unanswered till press time.

Founded in 1956, Sri Sarvaraya Sugars also operates an integrated sugar plant with a crushing capacity of 4,000 TCD (tonnes crushed per day) in the Chelluru district of Andhra Pradesh, according to a 2019 ICRA report. It also has a distillery and co-generation plant with a capacity of 12.65MW, which was commissioned in 2008.

The firm, according to VCCEdge, reported a total income of 614 crore and profit after tax of 36 crore in the financial year 2020.

CDPQ and Piramal set up the platform to offer private credit to Indian companies across sectors including manufacturing, consumer, industrial, pharmaceuticals and logistics. CDPQ would bring in 75% of the committed $300 million corpus, the firms said at the time.

The private credit platform is the second instance of CDPQ and PEL collaborating for co-investment opportunities.

Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.

Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Close
×
Edit Profile
My ReadsRedeem a Gift CardLogout