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MUMBAI, INDIA, February 09, 2022 /24-7PressRelease/ -- Core Energy Systems Private Limited announced that it has raised INR 30 crores (4.25 million USD) in a funding round led by Maharashtra Defence and Aerospace Venture Fund (MDAVF). This Fund intends to invest to promote sustainable enterprises in the areas of defence, aerospace and nuclear sectors which are domiciled in Maharashtra, India.
Founded in 2004 Core specialises in Design, Engineering, Manufacturing, and undertaking EPC Contracts for Nuclear, Défense, Oil & Gas Industry. CORE has been instrumental in development of critical systems for Nuclear Industry understanding their challenges and have successfully contracts of national and strategic importance.
CORE's key endeavour has been to implement technologically advanced solutions to the challenges faced by the Nuclear Industry. The company has designed, developed, and engineered systems and packages in technology collaboration and manufactured under make in India initiative. CORE has further developed its capability to contribute in Spent Fuel Management Facility and Nuclear Waste Management solutions.
The company will primarily use the funds in expanding its business further in Nuclear and Defence sector. Core intends to focus on adoption of modern technology in the defence sector, while developing indigenous manufacturing capability.
Core's founder, Chairman and Managing Director Nagesh Basarkar stated, "We are expecting a considerable boom in the order books of the Company primarily from Nuclear and Défense sector and the opportunities ahead are huge. By staying true to the Company's mission and its values, and by continually investing in building newer capabilities, our Company is positioned well to become the foremost partner of choice to all forward-thinking enterprises in their growth and transformation journeys. By this new shift in the capital structure, the Company will continue to show itself to be immensely entrepreneurial, agile, adaptive, and innovative over the years, and these attributes will continue to serve it well in the years ahead."
Amey Belorkar, Vice President, IDBI Capital Markets and Securities Ltd. and Investment Manager of Maharashtra Defence and Aerospace venture fund, said, "We identified the company as technologically advanced with high scalability. The business model is unique and disruptive in engineered equipment manufacturing space. The company has required capability and proven track record will also venture in the international Nuclear Market.
"Further, the signing of MOU with Mazgaon dock limited for jointly exploring the overseas market also portrays the company's international exposure and marketing reach," said Mr. Belorkar.
Previous members and promoters reinvested in the current round.
Maharashtra Defence and Aerospace Venture Fund is a Category II - Alternative Investment Fund registered with Sebi. The fund intends to invest in sustainable enterprises in the areas of defence, aerospace, and its allied sectors that are domiciled in Maharashtra. Recently, Defence engineering company invested by MDAVF-Paras Defence and Space Technologies Limited has decided to open its initial public offering (IPO) for subscription on September 21 creating a benchmark by receiving the highest subscription by any IPO since at least 2007. The above data indicates that such kind of enthusiasm will also be seen for Core as well once it decides to go for IPO.
CORE Energy Systems is an ISO 9001 :2015 / ISO 14001 :2015 / OHSAS 18001 :2007 certified Engineered Package Systems supplier and a EPC company providing turnkey solutions through rich expertise, Performance and Vision. CORE is headquartered in India with an Overseas office in U.K, Russia and network of offices in Europe. We have won the prestigious Dun & Bradstreet SME Excellence Awards in Engineering Sector & Small Enterprise Business awards 2016, India SME 100 Awards in 2019 and also MSME 5000 Awards, Safe Tech Awards & Asia Most Trusted Company Awards recently.
We operate mainly into the Nuclear, Oil & Gas, Defense and Infrastructure segment in India. We have been acknowledged for executing several critical Electro-Mechanical & MEP packages with esteemed client on projects of National & strategic importance. We are known for delivering Engineered and complex projects meeting the stringent quality requirements and Applications of the End user. We maintain a highest standard of HSE for all our business operations. Our Key value proposition has been to add value to the entire chain from the client to Manufacturer thus resulting in timely completion of the project in cost effective manner.
CORE has been a pioneer in sourcing of technologies across the globe and indigenizing under the make in India Initiative for Nuclear and Defense sector. We have received appreciation from Govt organization for our contribution.
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