NEEV Fund of SBICAP Ventures, an alternative asset manager and subsidiary of SBI Capital Markets, has made an investment of $5 million in a biomass management company Punjab Renewable Energy Systems Pvt Ltd (PRESPL).
PRESPL supplies biomass such as paddy straw, cotton-stalk, soya-husk, maize-cob, mustard stalk to biomass-based power plants and various process industries for energy or conversion into biofuels. It has a capacity to handle a supply of over 1,000 MT of biomass per day.
“We are pleased to be associated with the Neev Fund as this will help us scale the business and expand into other geographies – especially India’s less developed states,” said Monish Ahuja, Managing Director of PRESPL.
