StanChart PE invests $15m in IFC-backed Craftsman Auto
Standard Chartered Private Equity (SCPE) has invested INR850 million ($15.4 million) for a minority stake in Craftsman Automation, a Coimbatore-based multi-product engineering company. Craftsman Automation will use the money to expand its manufacturing facilities.
Namit Arora, director of SCPE, has joined the board of directors as part of the investment.
"We have found Craftsman Automation to be the right partner because of its superior engineering and design capabilities and focus on product quality, a key differentiator for the company," said Rahul Raisurana, SCPE's managing director.
Founded in 1986, Craftsman Automation manufactures precision components for automotive, printing, textile, marine and locomotive industries, as well as engaging in the design, development and production of engineering products globally. Its customers include General Electric (GE), Daimler, Mitsubishi, Caterpillar, Siemens, Mahindra & Mahindra (M&M) and Tata Motors.
The company also counts International Finance Corporation (IFC) as one of its existing investors.
Spark Capital was the advisor for Craftsman Automation in the transaction.
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