South African startup Bluedrop has secured a R300-million investment from US-based private equity fund J Sassoon Group for the development of its liquefied petroleum gas (LPG) cylinder manufacturing plant, in the west of Johannesburg.
The project is expected to create 110 direct jobs during construction and 35 direct jobs once in full commercial operation.
Construction of the manufacturing plant is expected to start in the fourth quarter and will take 12 to 14 months to complete.
In addition to assisting with sourcing of global engineering firms for the construction, J Sassoon’s external consultants and accounting service firm PwC is providing consultancy and advisory services to the project.