Sucheta Dalal :Templeton Strategic invests close to $18 million in Apar Industries
Sucheta Dalal

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Templeton Strategic invests close to $18 million in Apar Industries  

May 10, 2011

Templeton’s investment will fund Apar’s ongoing capacity addition program and strengthen its working capital

Moneylife Digital Team

Templeton Strategic Emerging Markets Fund III LDC (TSEMF III) has concluded a $17.8 million (around Rs80 crore) investment in Apar Industries, India's largest manufacturer of transformer oils and the country's second largest manufacturer of conductors. Apar exports transformer oils and conductors to over 50 countries.

TSEMF III, which invests in listed as well as unlisted companies in emerging markets, is the third strategic equity fund managed by Templeton Emerging Markets Group, which is of Templeton Asset Management Ltd, an investment management company incorporated in Singapore which is part of NYSE-listed Franklin Resources, Inc.

Dr Mark Mobius, executive chairman of Templeton Emerging Markets Group said, "We are impressed with Apar's track record and capabilities which can be leveraged for Apar to play a meaningful role in strengthening the transmission and distribution networks in India. Templeton's investment will fund the company's ongoing capacity addition program and strengthen its working capital. This investment fits well with our global exposure to the infrastructure sector and we look forward to working with Apar's management and promoters to make this a landmark relationship."

Kushal Desai, managing director of Apar said, "Templeton's association with Apar is a huge vote of confidence in our business, processes and high standards of corporate governance. We look forward to Templeton's support and involvement in making our business standards truly global. We continue to grow globally with a special focus on the domestic market, which is among the fastest growing in the world."

TSEMF III is managed by Emerging Markets Group of Templeton Asset Management. Franklin Resources, Inc., the ultimate parent company of Templeton Asset Management, is a global investment management organisation operating as Franklin Templeton Investments. Franklin Templeton Investments provides global and domestic investment management solutions managed by its Franklin, Templeton, Mutual Series and Fiduciary Trust investment teams.

-- Sucheta Dalal