Fund raised to meet India’s growing energy needs, says Jaggi
Ahmedabad-based Matrix Gas and Renewables Ltd https://www.matrixgas.in/ says the Rs.350 crore from pre-IPO round is for expanding market share for the gas aggregation business, acquiring City Gas Distribution (CGD) https://mopng.gov.in/en assets, and funding the ongoing capital expenditure plan.
“This round will also expedite the setting up and commissioning of green hydrogen production plants on Engineering, Procurement and Construction (EPC) and Build-Own-Operate (BOO) basis, along with setting up a Hydrogen Electrolyser Manufacturing plant https://www.opec.org/opec_web/en/ — both secured in consortium with Gensol Engineering Ltd,” said the company in a release on 6 Mar 2024.
The pre-IPO round saw participation from key investors like Gunavanth Vaid (4GCapital Venture), Sarda Group, Sunil Kumar Singhvi (Singhvi Heritage LLP), Blue Lotus Fund, NAV Capital Emerging Fund and the promoters of the company.
Underscoring the significance of this fund raised, Matrix CMD Anmol Singh Jaggi elaborated, “This fundraising is not just for business acceleration but also for strengthening our commitment, to contribute significantly to meet India’s growing energy needs for natural gas https://www.iea.org/ as the transition fuel and hydrogen https://gh2.org/countries/india as the upcoming fuel.
“As a part of our growth strategy, the company will make substantial investments in new initiatives, and the infusion of equity will help us to accelerate our plans. We are confident to build a sustainable business and are committed to creating long-term value for our stakeholders.”
Matrix is strategically positioned to contribute significantly to India’s growing energy demand, by providing a reliable and competitively priced supply of natural gas from diverse sources.
The company is further set to bolster its growth with diversification plans in green hydrogen infrastructure development. The company is backed by serial entrepreneurs Anmol Singh Jaggi and Puneet Singh Jaggi, founders of the Gensol Group (Gensol Engineering Ltd, Prescinto Technologies and BluSmart), and the Matrix business, led by Chirag Kotecha, who has more than 18 years of experience in the natural gas industry. Fiinews.com
