Essel Investment Mauritius Limited invests into Australian Indian Resources Limited
Australian Indian Resources Limited (AIR) has recently signed an investment agreement with Essel Investment Mauritius Limited, Mauritius (EIML). The agreement envisages a total investment of $ 2.5m before 30th September for a total post-equity stake of 11.8% with funds being received and equity allotted in a progressive manner. Upon completion of the initial round of funding, EIML has an option to invest a further $ 3.0m, on mutually agreed terms and conditions, including valuation, within one year. AIR has so far received two tranches of funding and these proceeds will be used for the development of gold and non-gold projects in India.
EIML is part of ESSEL group based out of Mauritius and engaged in investment activities across various sectors