Energy and utilities-focussed consultancy Enzen Global Solutions Pvt. Ltd has raised $100 million (Rs 685 crore at current exchange rates) in funding from private equity firm Greater Pacific Capital.
London-based Greater Pacific made the investment from its India-focussed fund, GPC Private Investing India LLP, it said in a statement.
As part of the transaction, Greater Pacific partner Akshaya Prasad has joined Enzen’s board.
Enzen chairman Satheesh Kumar said the funding would help the company expand its services as well as its geographical presence. “Greater Pacific’s partnership model and international networks will add tremendous value to Enzen,” he said.
Separately, Greater Pacific chief executive officer Ketan Patel said the firm believed that Enzen was well positioned to take advantage of the shift in the “transition to cost-efficient, high performance and environmentally friendly utilities”.
Patel added that the investment was in line with Greater Pacific’s strategy of partnering with fast-growing Indian businesses that operate in, or are looking to expand to, international markets.
Pioneer Investcorp Ltd served as the exclusive financial adviser to the transaction.
Enzen
The Bengaluru-headquartered company provides advisory services, engineering solutions, management, digital and innovation services to the global energy and utilities sector.
According to its website, the company’s four main divisions are business operations, business transformation, digital enterprise and energy and water networks.
The company says its solutions have reached over 84 million people, and that they have reduced inefficiencies worth around $850 million. It has a presence in 26 countries with offices in locations such as the United Kingdom, the United Arab Emirates, the United States, Spain, Australia and Turkey.
The London-headquartered firm was founded by Patel and Joe Sealy, who are former Goldman Sachs executives, in 2005. Apart from the UK, the firm also has offices in Mumbai and Shanghai.
It focusses on Indian companies with the potential for market leadership in their segments. Its investment strategy usually focusses on entities in the technology, healthcare and services sectors.
Its earlier investments in the country include advertising company TDI International, Mascon Global, Styx Infosoft and Azure Knowledge Corp. It had also struck at least one control deal by acquiring a majority stake in Accutest Research Laboratories, a Mumbai-based contract research organisation.
Last year, multiple media reports said Greater Pacific had received commitments of $300 million for the first close of a $700 million India-focussed fund.