CLSA Capital Partners has invested $16.4 million (€12.6 million) in Sanghvi Movers, a crane hiring company listed in India’s Bombay Stock Exchange. CLSA invested in Sanghvi Movers from ARIA Investment Partners III, an Asia-focused growth capital fund.
The latest transaction marks CLSA’s sixth investment in India, and combined with two other investments the firm announced three months ago, brings the total amount of capital deployed in the past twelve months to $70 million.
India’s largest crane hirer, Sanghvi has a fleet of around 250 medium to large sized heavy duty hydraulic and crawler cranes, with capacity ranging from 20 to 800 tonnes.
Josephine Price, deputy chief executive of CLSA Capital Partners said: “With large investments in infrastructure expected in the next few years in India, there will be continued strong demand for cranes.”
Price will join the board of Sanghvi Movers as a director.