StanChart invests Rs 85-cr in Craftsman Auto

Standard Chartered (StanChart) Private Equity (SCPE) today said it has invested Rs 85 crore for a minority stake in Craftsman Automation Pvt Ltd (CAPL), a leading multi-product light engineering company.

The funding from SCPE will part finance the expansion of the company's various manufacturing facilities.

International Finance Corporation is an existing investor in CAPL.

As part of the SCPE investment, Namit Arora, Director, Standard Chartered Private Equity has joined the company's board of directors, SCPE said in a statement here.

Coimbatore-based Craftsman Automation, a highly diversified light engineering company, is one of India's leading manufacturers of high quality complex precision engineered machined components, industrial gear boxes, sheet metal parts and assemblies for automotive and industrial customers worldwide. It has plants in six locations in India and services customers globally including in USA, Japan, Germany, France, Italy, Switzerland, Sweden and Netherlands.

CAPL's customer base includes General Electric (GE), Daimler, Mitsubishi, Caterpillar, Siemens, Mahindra & Mahindra (M&M), Tata Cummins, Tata Motors, Case New Holland, John Deere, TAFE, L&T Enercon, Mahindra Navistar, JCB, Brakes India, Honeywell, Simpson and Stork Print.

CAPL had set up subsidiaries, include Craftsman Marine in Netherlands for marketing CAPL's industrial application products in the marine segment via distributors in over 40 countries and Craftsman Singapore for strategic sourcing in the Asian region.

CAPL is now poised to expand its foot print via its two joint ventures - with Mitsubishi Corporation of Japan for industrial machinery and Carl Stahl of Germany for material handling.

"We are significantly expanding our business by capitalising on large opportunities across our business segments in India and globally. CAPL has established a solid track record both in machining (high precision, critical engine and transmission components) as well as product engineering and manufacturing (vertically integrated turnkey manufacturing and design of precision engineering and standard products)," Craftsman Automation managing director S Ravi said.

ALSO READ

GlaxoSmithKline Pharma Q1 net profit up 37.52%

Air India to slash free baggage allowance, charge more

Kingfisher Airlines assets worth Rs 1,000 crore sold: SBI

Kansai Nerolac standalone Q4 net profit at Rs 122.7 cr