Indian sales and rental company Mtandt has updated its branding to better accentuate its origins. The company was established in 1974 by Rajkumar Modi as Madras Tools & Tackles, but changed to Mtandt – MT and T - as the business moved into other areas, including aerial lifts, eventually morphing into Mtandt Rentals. The company has now changed its written style to MTandT, and introduced a new logo.
The new logo Record revenues
The company has also just completed a record year in terms of revenues, reaching ₹3.78 billion ($39.5 million) for the first time. During the year, it says that it purchased a further 1,000 aerial lifts for its rental fleet, most of it for expansion, taking the total fleet to almost 2,000 units.
Private Equity funding
MTandT has also confirmed that it has received a ₹1 billion ($10.4 billion) investment from Mumbai-based private equity firm ValueQuest Advisors -S.C.A.L.E. Fund II- as part of its ongoing growth capital programme, which follows on from earlier tranches of outside funding See: ₹1.5 billion investment for Mtandt and takes the amount it has raised over its three funding rounds to more than $28 million. It adds that it is also in discussions with ValueQuest regarding a further ₹3 billion ($39.2 million) capital injection, which it hopes to complete by October.
Capex jump
The ongoing capital injections are encouraging the company to earmark ₹10 billion ($104 million) for capital expenditure over the next 12 months with the aim of doubling the rental fleet to 4,000 units, while also looking at acquisitions, including a number of specialist powered access rental companies across India to help add to the organic growth.
Chairman Rakesh Modi said: “We are delighted to partner with ValueQuest as we enter our next phase of growth. This investment will enable us to expand our fleet, enhance our service capabilities, and strengthen our position as a trusted partner for safety and productivity in infrastructure and industrial projects. We would also like to thank Systematix Corporate Services and Invicta Capserv Private for their guidance and support in successfully advising us on this transaction.”
Pushkar Jauhari of ValueQuest added: “MTandT Rental has built a strong reputation in India’s equipment rental industry through its focus on safety, reliability, and customer service. We are excited to support the company in scaling its operations and capturing the significant growth opportunity in this sector.”
Comments