Kotak Mahindra Bank arm invests Rs 550 cr in Sanghi Cement maker

MUMBAI: A Kotak Mahindra Bank arm on Tuesday announced it has invested Rs 550 crore in Sanghi Industries Group by subscribing to non-convertible debentures of the cement-making company and its promoter grouping. Kotak Special Situations Fund’s infusion will correct Sanghi Industries’ capital structure, help the company’s liquidity profile, and enhance its operations, as per a statement. The investments being done from a $1 bn fund by KSSF will include Rs 500 cr in the NCDs of Sanghi Industries (SIL) and the remaining Rs 50 cr in the NCDs of a company owned by the promoters of SIL which in turn will be infused into the company. With this deal, KSSF has completed 13 deals and deployed over Rs 6,300 cr. On the SIL investment front, it said the company is engaged in the manufacturing and distribution of cement under the brand ‘Sanghi Cement’, and has a strong presence in Gujarat.