LMEL is a fast-growing integrated player in India’s metals and mining sector with operations  spanning iron ore mining, supported by a strong pipeline of downstream steel capacity  expansion. In recent years, LMEL has demonstrated strong growth in production and profitability,  driven by enhanced mining capacities, increasing integration across the steel value chain, and  favourable sector tailwinds.

Rahul Chhaparwal, Partner, Kotak Alts said, “Lloyds has built a strong and scalable mining  platform with a clear path towards integration. Our investment is aimed at supporting the  company’s next phase of growth and capacity expansion, while providing a flexible capital  solution aligned with its long-term objectives. We look forward to deepening our relationship  with the Lloyds Group and partnering with them as they continue to scale the business.”

Mukesh Gupta, Chairperson, LMEL said, “We are delighted to partner with Kotak Alts. This  investment strengthens our capital base as we continue to scale our mining and integrated steel  operations. Kotak’s solution oriented and long-term approach aligns well with our growth plans,  and we look forward to building this partnership as we expand our platform.”

Lloyds Metals and Energy Limited 

Lloyds Metals and Energy Limited (“LMEL”), incorporated in 1977, is a Maharashtra-based integrated metals and  mining company and India’s one of the largest iron ore miner. It operates the Surjagarh iron ore mine with a 55  MTPA environmental clearance. The company has built a diversified infrastructure including DRI plants, captive  power generation, a slurry pipeline, and a recently commissioned 4 MTPA pellet plant. LMEL is steadily transforming  into a fully integrated steel producer, backed by a large capex through FY 2029. Its expansion roadmap includes  scaling mining, pelletisation, and downstream steel production capacities. The acquisition of Thriveni Earthmovers  Private Limited has further strengthened its mining integration and operational capabilities. With a strong focus on  sustainability, operational efficiency, and community development, LMEL is positioning itself as a future-ready, fully  integrated metals player in India

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Mumbai, 12th February 2026: Kotak Alternate Asset Managers Limited (“Kotak Alts”) today  announced the first close of the Kotak Yield & Growth Fund, a Category II AIF with a target corpus  of INR 5,000 crores. The first close of INR 3,900 crores (USD 430 million) represents the largest ever domestic private credit fundraise in the Indian market, supported by strong participation  from domestic family offices, Ultra High-Net-Worth Individuals (UHNIs), and leading Indian  insurance companies.

The Kotak Yield & Growth Fund is anchored in a differentiated investment strategy focused on  delivering attractive risk-adjusted returns through a blend of stable yield generation Assets and  selective growth opportunities. The sector-agnostic fund targets cash-flow-positive assets, mid  to large-sized enterprises with strong governance practices. Its investment philosophy is guided  by rigorous underwriting, disciplined portfolio construction, and a steadfast emphasis on capital  preservation.

Srini Sriniwasan, Managing Director, Kotak Alts said, “This first close is particularly significant as  it marks the first time Kotak Alts has raised a fund in the domestic market from Indian investors. This has also exemplified the synergy that Kotak group has as the fund has solely been raised by  Kotak Private Banking relationships. Historically, our strategies have been predominantly  supported by global institutional investors. With this fund, we bring the same institutional-grade  rigor, governance, and discipline that Kotak Alts has developed over two decades of consistent  performance to a domestic investor base.”

Amit Jain, Chief Executive Officer, Kotak Yield & Growth Fund added, “The strong response to  our first close reflects deep investor confidence in Kotak Alts’ investment philosophy, risk  management framework, and execution capabilities. In an evolving credit environment, investors  increasingly seek predictable income with downside protection. The Kotak Yield & Growth Fund  is well positioned to meet this demand through a disciplined and opportunity-driven approach.”

The fund aims to leverage India’s expanding private credit landscape while maintaining Kotak  Alts’ hallmark focus on robust underwriting, cash-flow-positive businesses, and clearly defined  exit pathways.

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