Date:08/04/2005 URL: http://www.thehindubusinessline.com/2005/04/08/stories/2005040801460300.htm

Back Actis to invest $12 m in TEMA

Our Bureau

New Delhi , April 7

ACTIS, a leading private equity investor in emerging markets, has announced an investment of $12 million (Rs 52 crore) to acquire a significant stake in TEMA India Ltd, the heat exchanger manufacturer specialising in designing and fabricating shell and tube heat exchangers for the oil and gas, energy and chemical industries.

TEMA achieved revenues of $20 million in the last fiscal and is growing at more than 50 per cent per annum. The company will benefit from Actis' global network in building its export capability. Also, the investment will help the company to establish a new world-class facility, allowing it to fulfil larger size orders and improve manufacturing processes, enhancing margins and building overseas sales, a release said.

The global market for heat exchangers is large and growing due to new projects in the oil and gas industry and stricter emission regulations driving demand for sophisticated shell and tube heat exchangers.