The head of Australia’s $15 billion manufacturing fund says a pipeline of innovation investments will follow its debut equity deal for a Queensland mining equipment maker, and that its capital will go where private investors won’t.
But details of the landmark deal into an established company with no shortage of other suiters are being kept under wraps, and the agency responsible is facing early criticism about its pace and target.
National Reconstruction Fund Corporation chair Martijn Wilder on Tuesday said the fund’s $40 million investment in Russell Mineral Equipment, a maker of high end mining gear, is allowing “innovation that the company has built to grow”.
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