Cethar Vessels Ltd., a maker of boilers for power projects, said Thursday Baring Private Equity Partners India has agreed to invest $90 million in the company.
The investment will be used partly for setting up facilities to manufacture steam turbines and generators, and to acquire land for developing power plants, Cethar Vessels said in a statement.
The company, based at Trichy in the southern Indian state of Tamil Nadu, is executing power plants of up to 350 megawatt capacity. The company said it is looking to secure orders for supercritical boilers with a capacity of 660 MW to 800 MW.
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