Quipo Infrastructure Equipment Limited, or Quipo, India’s largest rental company, last week said it raised U.S. $34.5 million in equity from IDFC Private Equity Fund. HSBC Securities Group and Capital Markets (India) Private Investments assisted the transaction.

The funds from the enhanced equity will partly finance the capital expenditure plan of the company. QIEL has already drawn up an ambitious capex plan of more than Rs 3,400 crore (about U.S. $78 million) during the past two years.

“We believe this is a unique opportunity to invest in India’s largest provider of equipment rental solutions,” said Satish Mandhana of IDFC Private Equity.

Quipo is servicing the construction, oil and gas, telecom and energy markets. Quipo is also renting towers to telecom operators and on-shore drilling rigs to oil companies, along with associated services.