Mumbai, February 10th, 2023: Navi Mumbai-based EPC company, MLL Engineers & Contractors borrows ₹ 8.25 Cr from Red Fort Capital for working capital and business expansion. Red Fort Capital Finance is an investment-grade NBFC with RBI registration that specialises in giving micro, small, and medium enterprises (MSME) quick business loans, typically in a week.
Established in 2008, MLL Engineers & Contractors is an electrical and civil contracting company engaged in various fields of electrical and Civil works. MLL engineers and contractors are L1 contractors for companies like Godrej Realty, Tata Power, Adani Electricity, MSETCL, Panvel Municipal Corporation, CIDCO and other big corporations.
“Initially, MLL engineers & contractors were 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 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.”said, Mr. Parry Singh, Founder and CEO, Red Fort Capital.
“We at MLL engineers and contractors are expanding and need quick capital for various ongoing projects in Mumbai, Panvel, and the surrounding region, for which we had approached Red Fort Capital NBFC. We’re truly amazed by the speed and enthusiasm with which Red Fort Capital disbursed the loan in record time of 7 days and helped us capitalise on time sensitive opportunities.”said Mangesh Labade, CEO & MD – MLL engineers and contractors.
Red Fort Capital was established by the seasoned entrepreneur Parry Singh, who has built over nine successful businesses. Having worked in the sector for 20 years, the seasoned veteran of Indian finance identified a gap in the country’s MSME company loan market. He established one of the earliest billion dollar PE fund in the country.
It is noteworthy to mention that Red Fort Capital Finance has achieved a number of significant milestones. It has received Rs. 20 crores in capital from SBI, financed a publicly listed company, and received investment-grade ratings from Care Ratings Limited in 2022.
The NBFC offers secured business credit to finance the purchase of equipment and machinery, working capital, and receivables to business owners, entrepreneurs, KMPs, and loan agents. It targets deals with growing cash flow and 2x+ collateral cover between Rs 1 crore and Rs 10 crore.