Kathmandu, July 10
NIBL Equity Partners, a private equity fund registered with the Securities Board of Nepal (SEBON) and managed by NIMB Ace Capital Limited, has signed an investment agreement with Jagadamba Spinning Mills Limited (JSML).
Shivanth Bahadur Pande, Chief Executive Officer of NIMB Ace Capital, and Bishnu Neupane, Managing Director of JSML, signed a definitive investment agreement on Monday.
JSML plans to go for an Initial Public Offering (IPO) in the near future which will allow it to expand its capacity by 40 per cent, the company said in a statement.
"The investment will allow Jagadamba Spinning Mills to consolidate itself as one of the best yarn manufacturers and increase its profitability," read the statement.
Established in 2005, JSML is a yarn manufacturer in Nepal, specializing in polyester, polyester viscose blended, and acrylic yarns.
The company has a production capacity of 50 tonnes of yarn per day from its two installed plants. Almost 95 per cent of its production is exported, primarily to the Indian market.
"We are committed to facilitate the growth of sustainable businesses in Nepal that is a boost for the economy and creates employment within the country," Pande said.
Likewise, Neupane said that the JSML is on a mission to become top spinning mills in Nepal and plans to expand its business in South Asia. This investment aims to propel the company's growth, enhance its production capabilities, and solidify its position in South Asia, he maintained.
Published in The Rising Nepal daily on 11 July 2024.
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