Renuka Ramnath’s fund to invest in Bangalore company

BANGALORE: Private equity specialist Renuka Ramnath spearheaded Multiples Asset Management is set to buy a 49% stake in Bangalore- based agri machine maker Milltec Machinery Private, as the low-profile manufacturing sector in India’s IT capital shows up with the second significant investment deal is less than a month.


Multiples will pay Rs 182 crore for the large minority stake, said people briefed on the matter. Last month, TOI reported about Belgian pipe maker Aliaxis Group purchasing a 51% stake in Bangalore’s Ashirvad Pipes for Rs 800 crore. The threeyear-old Multiples, managing funds in excess of $400 million, is in the financial stages of due diligence before clinching the deal. Milltec manufactures agri-machining equipments for rice, flour, and maize milling besides providing grain storage solutions and packaging solutions. Investment bank o3 Capital is advisor to the transaction.

Multiples investment is part of an overall Rs 250 crore fund raise by the company to provide exit to some of the coowners , said the source.