Punjab Renewable Energy looking to raise $6 m for expansion.

Punjab Renewable Energy Systems Pvt. Ltd. (PRESPL), a Mumbai-based biomass supply chain management company, is looking to raise about $6-7 million for expansion in India.

The company is looking at opportunities arising out of bio-refinery plants of national oil marketing companies.

Today, PRESPL is one of the few companies in the country dedicated to biomass supply chain management.

The Director of PRESPL, Retired Indian Army officer, Lt Colonel Monish Ahuja, said that the company had raised Series A funding in September 2013 for a minority stake, without revealing the amount raised. Currently, it is planning Series B funding.

The company had already held many rounds of discussion with PE funds and strategic investors. Investment banking firm Intellecap has been entrusted with the fund raising mandate, Ahuja said.

HBL