Craftsman Automation seeks $20m from PE investors
Coimbatore-based auto component manufacturer Craftsman Automation is in talks with private equity investors to raise a corpus worth between INR850 million and INRI billion.
Standard Chartered Mid-Market Mid-Cap Fund is in line to become the main PE investor alongside commitments from Tano Capital and Everstone Capital, a person with direct knowledge of the development told VCCircle.
The parties have reportedly signed on terms and the talks are said to be at a fairly advanced stage.
Launched in 1986, Craftsman Automation manufactures equipment for the automotive industry in Coimbatore, specifically in the tractor and commercial vehicle sub-sectors, as well as doing contract manufacturing of assemblies and sub-assemblies for a range of industries including automotive, printing industrial gears and marine products segments.
The company will use the funding to boost its growth and set up a new manufacturing facility.
Back in 2010, International Finance Corporation, the private investment arm of the World Bank, invested close to $32 million in the company, with the aim of expanding and enhancing the business' facilities in India.
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