Actis invests $71m in India’s Endurance Technologies

The company, whose subsidiaries consist of HTTS, Amann Druckguss, Endurance Fondalmec and a joint venture with Magnetti Marrelli, manufactures aluminum die castings, suspensions, transmissions and brakes, which target the motorcycle and scooter market.

Most of Endurance's sales come from two-wheeler and three-wheeler vehicle manufacturers such as Yamaha, Suzuki and Honda Motorcycles, while its clients in the passenger car segment includes the likes of Daimler, Audi and Fiat.

India's status as a center for competitive sourcing for global original equipment manufacturers is growing. It is attractive for the automotive industry due to its young population, increasing disposable incomes and weak public transport infrastructure. The nation's auto component industry is expected to grow from $30 billion to US$110 billion by 2020.

"Endurance is an impressive business with robust credentials," said J.M. Trivedi, head of South Asia at Actis. "Actis has a deep understanding of the automotive industry gained through our investments in Punjab Tractors, Avtec and Sandhar."

Anurang Jain, founder and managing director of Endurance, added: "Actis' track record in emerging markets and the sector gives me a lot of confidence."

Kotak Investment Bank provided corporate finance advice on the deal.

Another investor, Standard Chartered Private Equity, acquired a 13.72% stake in Endurance in exchange for a $33.7 million cash injection in 2006 and a further $9 million in 2009. It was reported to be looking at a partial exit from the company via an IPO last year.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Save this article  
• Send to  

• Topics
• South Asia
• Industrials
• Expansion
• Actis Capital
• India
• Growth capital
• automobiles
• Standard Chartered Private Equity