Mumbai's Stelmec Limited Secures Landmark INR 175 Cr Funding Led by Abakkus Fund The funds raised will help accelerate Stelmec's expansion plans, enhance its research and development (R&D) capabilities, and strengthen its presence both in India and internationally.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
Mumbai-based Stelmec Limited, a leading name in the Indian electrical power products sector, has secured INR 175 crore from a consortium led by Abakkus Four2Eight Opportunities Fund.
The funds raised will help accelerate Stelmec's expansion plans, enhance its research and development (R&D) capabilities, and strengthen its presence both in India and internationally.
Hamza Arsiwala, Managing Director of Stelmec Limited, said, "We are thrilled to have Abakkus Four2Eight Opportunities Fund as a partner. This investment is a testament to the hard work and dedication of our team, and it will enable us to scale new heights in our mission to provide top-notch electrical solutions. We look forward to leveraging this partnership to drive growth and create value for our stakeholders."
Founded in 2000, Stelmec is engaged in manufacturing medium-voltage (MV) switchgear and other value-added products for transmission and distribution (T&D) networks. It is particularly renowned for its expertise in vacuum circuit breaker technology solutions for the utility market.
Stelmec also undertakes EPC (engineering, procurement, and construction) services for high-voltage substations and T&D lines. Over the years, the company has emerged as a leader in the field, consistently delivering high-quality products and services to a diverse range of clients.
The partnership with Abakkus Four2Eight Opportunities Fund will further enhance Stelmec's capacity for innovation. "We are excited to support Stelmec Limited in their journey towards innovation and growth. Stelmec's commitment to excellence and their forward-thinking approach align perfectly with our investment philosophy. We believe this collaboration will yield significant benefits for both parties," said Ankit Aggarwal, Fund Manager of Abakkus Four2Eight Opportunities Fund.
Hem Securities Ltd acted as the exclusive financial advisor, ensuring a seamless fundraising process.
Abakkus Asset Manager, the parent company of the fund, is renowned for its focus on high-growth potential companies. Sunil Singhania, founder of Abakkus, expressed confidence that the partnership would propel Stelmec to new heights in the electrical solutions sector, contributing significantly to the industry's growth.
