Pangea Capital Investing $30 Million Into Indian Solar Firm Cobol Tech
Pangea Capital is a Bermuda-based mid-sized funding house with total assets of $100 million. Pangea recently announced that they will be investing $30 million into Cobol Technologies, a company founded by Deepak and Ratul Puri.
Pangea will be making the investment through their Emerging Infrastructure Fund, an investment portfolio that comprises of listed and unlisted infrastructure companies based in India. The fund will be focusing on energy, oil/gas, roads, and telecom companies.
The investment will be made through the issue of fully convertible debentures. When converted to equity around 2012, the debentures stake will not exceed 49% in Cobol. Moser Baer chairman Deepak Puri and Ratul Puri own 50% each of the solar power firm as of now.
Cobol started in August 2007 and is working on setting up a 5 megawatt solar power project in the state of Uttar Pradesh. Mosar Baer plans to invest $3.2 billion in solar energy technologies as well as building a solar power project in Rajasthan.
[via VCCircle]This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry