Frontline Strategy backs India railways supplier

DTL was set up in 1996 and has become one of the leading players in cold roll formed sections and load body fabrication. The sections are typically used in the assembly of railway wagons and coaches. The company was founded by Vijay Mohan Jain, currently chairman and managing director, and is in the process of setting up its fourth manufacturing plant. According to Jain, business has expanded at annual rate of 35% for the past five years.

"DTL has all the ingredients necessary for a successful company viz. a visionary and hard working leadership team, technical capabilities, diversified product mix, innovative products and valued customer relationships," Atim Kabra, a director at IIGF, said in a statement. "We hope to contribute our bit in assisting the company achieve greater heights."

YES Bank advised DTL on the transaction while Protiviti and J. Sagar Associates worked with IIGF.

Frontline operates three funds: Strategic Ventures Fund, which launched in 2000 and closed at $56 million; IIGF, which launched in 2007 and closed at $33 million; and Clove Route Fund, which launched in 2010 and is seeking $150 million. Past investments include Titagarh Wagons, India's leading private manufacturer of railway wagons.

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• Topics
• South Asia
• Expansion
• Industrials