Mangalam Industries Limited (MIL) has secured an investment of approximately Rs 380 million from Avasar Equity Diversified Fund, one of the leading private equity funds committed to backing high-growth enterprises in Nepal.
MIL is the first manufacturer of CPVC pipes and fittings in Nepal and the only exporter of a complete range of CPVC products from the country. Its product portfolio includes solutions for plumbing, drainage, sewage and rainwater management, water supply, electrical conduit systems, and borewell applications.
Similarly, Avasar Equity Diversified Fund is Nepal’s first domestic Private Equity Fund registered with the Securities Board of Nepal under the Specialized Investment Fund Regulation, 2019.
Issuing a press statement Tuesday, July 15, MIL said the strategic investment marked a significant milestone in its journey of growth and reflected strong investor confidence in its vision, capabilities and long-term potential.
“The infusion of capital is believed to empower MIL to strengthen operations, enhance product innovation, and expand its market presence across Nepal and beyond,” read the statement. “The Investment will primarily be utilized to strengthen the balance sheet of the company, improve operational efficiencies, and further its commitment to sustainability and excellence.”
“We are delighted to welcome Avasar Equity Diversified Fund as a strategic partner in our journey of transformation,” the statement quoted Abhinav Churiwal, Chief Executive Officer, MIL, as saying. “This investment is not just a validation of our business model but also a powerful boost for our employees, dealers, customers, and all stakeholders who have been integral to our success.”
