NIBL Equity Partners, a private equity fund registered with SEBON under the Specialised Investment Fund Regulations 2019 and managed by NIMB Ace Capital Limited, a Fund Manager approved by SEBON today announced that Mr. Shivanth Bahadur Pandé, Chief Executive Officer of NIMB Ace Capital and Mr Bishnu Neupane, Managing Director of Jagadamba Spinning Mill Limited have signed a definitive investment agreement on 8 July 2024.

Established in 2005, Jagdamba Spinning Mills Limited is a premier yarn manufacturer in Nepal, specializing in polyester, polyester viscose blended, and acrylic yarns. Its factory is located in Kamahariya VDC-4, Rupandehi, and part of the Saurabh Group led by Mr. Bishnu Neupane. Jagadamba Spinning Mills is dedicated to producing high-quality products that meet international standards and are exported worldwide.

The investment will allow Jagadamba Spinning Mills to consolidate itself as one of the best yarn manufacturers and increase its profitability. Jagadamba Spinning Mills plans to go for IPO in the near future which will allow it to expand its capacity by 40%.

On the occasion of, signing the agreement Mr Shivanth Bahadur Pandé, CEO of NIMB Ace Capital, said, “NIBL Equity Partners is happy to be associated with Jagadamaba Spinning Mills which exports a majority of its production. We are committed to facilitate the growth of sustainable businesses in Nepal that is a boost for the economy and creates employment within the country. We think that Nepal needs more institutions like Jagadamba Spinning Mills in the country.”

Bishnu Neupane, Managing Director of Jagadamba Spinning Mills, said, “We are extremely happy to announce this partnership and onboard a reputed institution as NIMB Ace Capital through their private equity fund NIBL Equity Partners. Their network across Nepal, their expertise in banking, payments and technology, and capital infusion will greatly strengthen JSML. JSML is on a mission to become top spinning mills in Nepal and plans to expand its business on South Asia. JSML has always focused on production of high-quality yarns, leveraging advanced technologies and sustainable practices. This investment aims to propel the company's growth, enhance its production capabilities, and solidify its position in South Asia.”

JSML has a production capacity of 50 MT of yarn per day from its two installed plants. Almost 95% of its production is exported, primarily to the Indian market. The company plans to diversify its export strategy to include the South Asian region. JSML has generated employment for nearly 1,000 workers. The company is on a mission to produce high-quality yarn and become a leading textile industry in Nepal.