Olympus and Kilimanjaro back India cable group

The pair's first investment in India involved a structured loan to Atria Convergence Technologies.

Olympus Capital Asia Credit and Kilimanjaro Netherlands, a subsidiary of Kilimanjaro Credit Fund, have provided a structured debt package to Indian broadband and cable TV group Atria Convergence Technologies.

The size of the investment has not been disclosed. It is the first time both groups have invested in India, according to a statement confirming the deal.

ACT is owned by India Value Fund Advisors, a private equity firm launched in 1999 by Vishal Nevatia.

Olympus Capital Asia Credit (OCA Credit) provides structured loans to mid-sized companies in the Asia-Pacific region.

Kilimanjaro Credit Fund was formerly known as Kilimanjaro Advisors, a distressed debt fund launched by principals from Impala Partners in 2003. Since 2009, the fund has invested primarily in senior secured debt, and rebranded to KCF in 2012 to reflect the increased emphasis on secured corporate loans.

Nitish Agarwal, chief investment officer at OCA Credit, commented: “ACT has executed its plan very well over the past few years to become a leading market player in its core areas. We are very pleased to support ACT with its growth strategy to further develop the internet broadband infrastructure in the country.”

Avendus Capital advised ACT on the financing.