Zurich-headquartered social investor responsAbility has picked up a minority stake in Mumbai-based biomass aggregator Punjab Renewable Energy Systems (PRES) for an undisclosed amount through its fund- responsAbility Ventures I, as per a company statement.
This investment will go towards driving PRES’ expansion into new locations in India and abroad. responsAbility will also get a board seat as part of the investment.
Intellecap acted as the sole advisor for the deal.
Incorporated in 2011, PRES is into fuel aggregation and supply focused on agriculture residue. It provides an organised supply chain by aggregating, processing and distributing biomass.
responsAbility, an independent asset manager, specialises in development-related sectors of emerging economies such as finance, agriculture, health, education and energy. Founded in 2003, it currently has assets under management of $1.4 billion, invested in more than 400 companies in around 80 countries.
This is its third investment in India, all within the last one year. In June, responsAbility invested an undisclosed amount in Saraplast Pvt Ltd, a manufacturer of sanitary facilities and a provider of sanitation services and liquid waste management.
In September 2012, it had put in $1.2 million in the BPO service provider DesiCrew Solutions Pvt Ltd, along with Ventureast Tenet Fund II, the fund managed by Ventureast Fund Advisors India Ltd.
(Edited by Joby Puthuparampil Johnson)
