Controls & Switchgear raises Rs 1,000-mn PE fund

New Delhi: Electrical equipment maker Controls & Switchgear Co said it raised Rs 100 crore through private equity funding from GE Commercial Finance India.

The New Delhi-based firm, which manufactures power generation, distribution and protection products, including low voltage switchgear and engineered power conductors, would use the investment for capacity augmentation and inorganic growth avenues.

In a statement, Controls & Switchgear said the fund would be used for capacity expansion, to strengthen its research and development activities and pursue inorganic growth opportunities.

“Currently the company is among the highest investors in R&D in its segment and the additional inflow will further strengthen our resolve to continuously upgrade our technologies and facilities to compete with leading multinational companies. In addition, we are actively looking at inorganic opportunities to enhance our products portfolio and market access,” the group’s Chairman, Mr R.N. Khanna, said.