Strategic Investors to Invest ₹1.5 Billion in Mtandt Rentals Limited for 20% Stake

Chennai, India – September 18, 2024 – Mtandt Rentals Limited, a leading player in India’s equipment rental industry, today announced that it has secured a ₹1.5 billion (approximately USD 17.5 million) investment from strategic investors, acquiring a 20% post-money stake in the company. This investment marks a significant milestone in the company’s growth and will fuel further expansion of its fleet and services.

For the financial year 2023-24, Mtandt Rentals achieved a Profit After Tax (PAT) of USD 2 million. With this latest capital infusion, the company projects a PAT of USD 4 million for FY 2024-25 and a remarkable USD 8 million for FY 2025-26.

The funds will be utilized primarily to expand the company’s fleet, with a strong focus on acquiring additional Mobile Elevating Work Platforms (MEWPs) and Access Road Mats (MATS) to meet growing demand in the construction and infrastructure sectors.

Speaking on the investment, Rakesh Modi, Chairman of Mtandt Group, said:

"The key to Mtandt Rentals' success lies in our focus. We are committed to delivering an exceptionally good customer experience, fostering an unreasonably good employee experience, and continuing to lead in the sale and rental of MEWPs and Access Road Mats. This investment will help us build on that focus and position us for even greater growth in the years to come."

Mtandt Rentals’ relentless dedication to customer satisfaction and employee well-being, combined with its sharp focus on expanding its MEWP and MATS rental services, has driven its consistent growth. With this strategic investment, the company is set to reach new heights in the coming financial years.

About Mtandt Rentals Limited

Mtandt Rentals Limited (MRL) is a part of Mtandt Group. A leader in providing solutions to their customers as they build, maintain, repair and operate Manufacturing Plants, Facilities and Infrastructure. Mtandt Rentals Limited is focused on Renting MEWP and Temporary Road Mats. MRL rents and sells Tower Cranes through its subsidiary Vertikal and Provides MEWP Operator and Service Training through its subsidiary CESL.

For more information, visit www.mtandt.com