The New York-based impact fund TFCC International on Wednesday announced investing USD 4.14 billion (over Rs 31,000 crore) for a 46 per cent stake in Ramcharan Co, a Chennai-based company, which is mainly into the distribution of chemicals.
The investment will go into the target company's energy management systems and renewable energy devices with high storage capacity made from sodium silicate. This investment will be made with a horizon of five to seven years and the first round would be closed by January 2021, according to a joint statement.
TFCC International is a deep impact fund, with investments from high-net-worth individuals, government agencies and financial institutions, based in New York.
The fund is looking at impact investments in India in the areas of environment solutions, renewable energy and low-cost housing.
Currently, with a portfolio of USD 20 billion invested in South Asia, TFCC is entering India through its investment in Ramcharan Co.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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