Tano Capital may invest up to $25 Mn in Alufit

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Bangalore: Bangalore based Alufit, a facade engineering player in the burgeoning real estate development market, may receive an investment of $20 million to $25 million from Tano Capital. Sources said that the talks between Tano and Alufit with this regard are in advanced stages. The privately held Alufit has completed more than 300 projects covering over 50,000 square meters of structural, wall-cladding and point glazed systems. Tano Capital is a cross-border player with focus on markets like China and India, which it believes in the midst of a game-changing economic expansion. Tano India has made several investments in companies like ABG Motors, Virgo Engineers and Promac Engineering. Pankaj Keswani, MD of Alufit, said that while the company had been in talks with various agencies including private equity, "nothing has been finalized and we may even look at using our internal accruals to fund our growth." The completed projects of Alufit include retail landmarks like Bangalore Central, the i-flex Solutions Bangalore facility, Sigma Mall, Bangalore's first mall Forum and the Intel facility in India's silicon capital.