SBL Energy Limited Raises INR 325 Cr from Synergy Capital and Others The Nagpur-based explosives maker SBL Energy Ltd plans to deploy funds for manufacturing capacity expansion and product development.
By Entrepreneur Staff •
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SBL Energy Limited has announced raising of INR 325 crores in growth capital from the investors including Synergy Capital, India SME Investments and ace capital market investor Mukul Mahavir Agrawal.
The startup aims to use the raised funds to expand its manufacturing capacity in India as well as launch new products.
Sanjay Choudhari, Director, SBL Energy Limited said, "The infusion of funds reinforces our commitment to further enhancing our product and service delivery capabilities. The growth capital also underlines our leadership position and the value we bring to our customers and stakeholders. The next few years look very promising for our industry and we will be striving to capture the emerging opportunities. In the next phase of our progress, we will be working together towards our next milestone of listing the Company."
Established in 2002, SBL manufactures bulk, slurry and emulsion explosives. It also manufactures detonating fuse, NONEL, cast boosters as well as electronic detonators. It serves the infrastructure and mining industries, as well as trying to break into the defense market.
The startup operates industrial explosives and initiating systems manufacturing plants in Raipur, Nagpur and Rourkela. In addition to providing its goods and services to Indian businesses, the startup claims to export all of its goods and services to clients in over 20 countries.
Sudhir Maheshwari, Founder and Managing Partner, Synergy Capital commented, "We look forward to supporting the Company's journey as it is working towards scaling up its business both in domestic and international markets."
