Private equity fund Westbridge Capital has acquired 11% stake in Mayur Uniquoters for Rs 110 crore. Mayur will use the funds for setting up of a polyurethane plant which will be first of its kind in the country.
Mayur has proposed to set up two coating lines having a capacity of 300,000 metres per month each. It has a premium list of clients including Ford and Chrysler, and has healthy profitability, strong balance sheet, free cash flows and dominant competitive position.
Westbridge Capital is co-founded by Sumir Chaddha, who earlier headed Sequioa Capital in the country. While, Mayur Uniquoters is a textile company engaged in manufacturing and export of artificial leather and poly vinyl chloride.
