ECI raises Rs 100-cr PE for expansion

Hyderabad: ECI Engineering and Construction Company Ltd (ECI) has announced that it has raised Rs 100 crore of private equity capital through a preferential allotment to Sabre Abraaj, a fund managed by Sabre Capital.

ECI, the Hyderabad-based infrastructure development company will use the funds to expand its construction business, finance its investment in hydro power BOOT projects and also build a modern manufacturing unit to fabricate steel towers required for their core power transmission and distribution (T&D) business.

While refraining from disclosing details of the PE investment, Mr Vijay Kaza, Managing Director of ECI, said Sabre Abraaj will be represented on the Board of Directors of the company by Mr Rajiv Maliwal, Co-founder and Managing Director of Sabre Capital.

The company, which had a turnover of Rs 200 crore during 2006-07 has an order book of around Rs 1,800 crore. It was executing hydro power projects in Assam and Arunachal Pradesh to install a capacity of 110 MW power.

Edelweiss acted as the sole financial advisor to ECI for this private placement.

ECI has over 25 years of experience executes construction projects in power T&D, highways, railway electrification, hydropower generation, irrigation and other civil infrastructure segments.