MUMBAI, July 16: Kotak Special Situations Fund (KSSF), an alternate investment fund, on Thursday said it has invested Rs 500 crore in Nuvoco Ltd to financeacquisition of Emami Cements.
KSSF is managed by Kotak Investment Advisors (KIAL), which is a wholly-owned subsidiary of Kotak Mahindra Bank. The investment will help fuel the growth of the consolidated cement business of Nuvoco, with an eventual foray into the primary capital market, a release said.
“Given the lockdown due to COVID-19 and with the credit markets frozen, the situation required special effort in working remotely and closing an important acquisition financing, which is otherwise not available in the market,” KIAL Managing Director Srini Sriniwasan said.
KSSF chief executive officer Eshwar Karra said it is a milestone in working remotely to establish trust, comfort and team work with Nuvoco and close this in the current environment.
This financing is a timely investment for achieving financial closure for Nuvoco to consummate the acquisition and consolidate its position as a leading cement manufacturer in eastern India, the release said.
KSSF manages a USD 1 billion fund with a mandate to invest in special situations, credit and distressed space in India. (PTI)
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