Piramal Group's PE fund - India Venture Advisors has invested R40Cr in Sangli based manufacturer of ductile iron castings - Tulsi Castings and Machining.
SBI Capital Markets Ltd was the sole advisor to the company for this transaction.
Tulsi Castings and Machining Limited (erstwhile Tulsi Foundries Limited) was acquired by the present management and commenced operations in the year 2004, after BM Jain and RM Jain acquired the foundry assets from SICOM Ltd.
Tulsi has a manufacturing unit at Sangli in Maharashtra with a capacity of 23950 MTPA for manufacturing spheroidal castings catering mainly to automobile sector.
The company has production capacity of 4,000 MT per month and has around 700 employees on board. It caters to agricultural equipment and heavy commercial vehicles segments, and also exports its products to the UK and the USA.
India Venture Advisors is the PE arm of the Piramal Group. It invested $11 Mn in C&C Construction in 2009 and $18.4 Mn in Kavery Medical Centre (KMC) and Hospital, Trichy in 2009. According to certain media reports, it has also invested R70Cr in Chandigarh based Vardhman Chemtech Ltd.
Indian auto component industry which saw 7 PE deals in 2007 has not been able to attract PE/VC funds in the past 3-4 years, however last year in December, Endurance Technologies managed to raise $71Mn from Actis by diluting a 10% stake. Others which managed to raise funds in the past include Jamna Auto Industries Limited, Minda Industries Limited, Padmini VNA Mechatronics Private Limited and Steel Strips Wheels Limited among others.
Read this: Tsunami Hit Indian AutoComps Before It Hit Japan
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