MTandT Rentals Limited (MRL), a company in India that provides aerial work platforms and ground access solutions, has raised US$10.5 million (₹100 Crore ) from ValueQuest S.C.A.L.E. Fund II. This is the first time the company has received funding from institutional investors.
The company plans to use this money to expand its equipment fleet and increase its presence in more locations.
With this investment, MRL aims to take on bigger and more complex projects, use its equipment more efficiently, complete projects faster, and improve overall operations.
Rakesh Modi, Chairman, MRL, remarked: “We are delighted to partner with ValueQuest as MRL enters its next phase of growth. This investment will enable us to expand our fleet, enhance 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 Limited and Invicta Capserv Private Limited for their guidance and support in successfully advising us on this transaction.”
Pushkar Jauhari, Managing Director and Fund Manager, ValueQuest Private Equity, added: “MRL provides aerial work platforms (“AWP”) which are enabling faster turnaround times with enhanced worker safety for our major infrastructure and industrial projects. They have time tested client relationships with established business houses and have built a strong reputation in India’s equipment rental industry through its focus on safety, reliability and customer-centricity. India is starting from a low base on AWPs and we are excited to support the company in scaling its operations and capturing the significant growth opportunity in this sector.”
MRL is based in Chennai and provides special equipment for industries like construction, infrastructure, and manufacturing. The company offers equipment on rent as well as for sale, including aerial machines like boom lifts, scissor lifts, and spider lifts. It also provides ground protection solutions such as PortaDeck mats.
Along with equipment, MRL also gives complete support services like maintenance, operator training, and technical help.
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