Red Fort Capital Provides Rs 8.25 Crore Loans To MLL Engineers & Contractors

Updated on: 10 February 2023 11:35 pm

It owned a total of 6.26 per cent shareholding in the company. In January, the Chinese multinational sold a 3.1 per cent stake

Alibaba Sells Stake In Paytm, Makes An Exit From India: Report Photo: It owned a total of 6.26 per cent shareholding in the company. In January, the Chinese multinational sold a 3.1 per cent stake

MLL Engineers and Contractors–an EPC (engineering procurement and construction) company based out of Mumbai has borrowed Rs 8.25 crore from Red Fort Capital. The company will use the money as its working capital and will fuel its expansion plans.

Established in 2008, MLL Engineers & Contractors is an electrical and civil contracting company engaged in various fields of electrical and Civil works. It claims to be an L1 contractor for companies like Godrej Realty, Tata Power, Adani Electricity, MSETCL, Panvel Municipal Corporation, and CIDCO.

Founded by Parry Singh, Red Fort Capital Finance is an RBI-registered investment-grade NBFC(non-banking financial corporation) that claims to provide quick business loans to micro, small, and medium enterprises (MSME).

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“ MLL engineers and contractors are planning to expand our operations and we need quick capital for various ongoing projects in Mumbai, Panvel and the surrounding region. This has been the sole reason to approach Red Fort Capital,” Mangesh Labade, CEO and MD, MLL Engineers and Contractors, said.

“We are amazed by the speed and enthusiasm with which Red Fort Capital disbursed the loan in the time of seven days and helped us capitalise on time-sensitive opportunities,” he added.

Addressing the investment, Singh, the founder and CEO of Red Fort Capital, said, “Initially, MLL Engineers & Contractors was into electrical contracting recently, they have rapidly expanded and entered into different fields like EHV projects, civil works, MEP works and other major infra projects which play a key role in the development of a nation, and we at Red Fort Capital are committed to providing quick capital to such companies that are adding value to the Indian economy and contributing to the growth of India.”