Punjab Renewable Energy Systems Pvt Ltd (PRESPL), a company that specialises in creating and selling steam from biomass, is looking to raise Rs 150 crore.

The current shareholders, NEEV Fund (37% stake), Mitsui of Japan (34%), and Shell (13%), have the option of diluting their stakes or taking part in PRESPL's fourth fund raise, according to Lieutenant Colonel Monish Ahuja, Chairman and Managing Director of the company.

The remainder of the share is owned by Ahuja, the business's creator.

Mumbai-based PRESPL, a company that has been operating since 2011, makes investments in equipment to collect and process biomass. The biomass is then burned to create steam, which is supplied to industrial businesses.

The company counts well-known names such as Pepsi, L’Oreal, Sun Pharma and Glenmark among its customers. It gives the customers the option of owning the biomass plants or buying only the steam. In either case, PRESPL will operate the plant.

The company processes 600 tons of biomass a day across about a dozen plants in the country to produce about 1,800 tons of steam, Ahuja said.