US-based fund TFCC Intl picks up 46% stake in the firm at $9 bn valuation; firm plans to use some if the funds in two plants in Tamil Nadu and Gujarat, and set up EV charging infra in various cities

On Wednesday, a little-known Chennai-based firm Ramcharan Co Pvt Ltd sprang a surprise by garnering $4.14-billion investment for its 46 per cent stake from the US-based fund TFCC International, which took the company’s valuation to over $9 billion.

There were several questions emerging, including the reason for a higher valuation, why the investor TFCC’s India arm and its target company are holding the same addresses at Anna Salai in Chennai, why a fund is investing so much in an unknown waste-to-power technology and what Ramcharan’s is business all about. Talking to …

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