Westbridge invests Rs 110 crore for 11% stake in Mayur Uniquoters

MUMBAI: Private equity fund Westbridge Capital has invested Rs 110 crore for 11 per cent stake in Mayur Uniquoters, a leading manufacturer of synthetic leather.

Mayur will utilise the funds for setting up of a polyurethane plant which will be first of its kind in the country, said a statement from Centrum Broking, which acted as sole advisor to both the parties.

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. The publicly-traded Mayur has a market cap of Rs 1,000 crore.

Westbridge Capital is co-founded by Sumir Chaddha, who earlier headed Sequioa Capital in the country. Westbridge has already invested USD 2 billion in the country.