BUSINESS
Piramal Finance, part of the Piramal Enterprises group, is investing Rs 565 crore on two entities in auto component sector.
Piramal Finance, part of the Piramal Enterprises group, is investing Rs 565 crore on two entities in auto component sector.
The company has invested Rs 275 crore in RSB Group and Rs 290 crore in Indoshell Mould Ltd, Piramal Enterprises said in a statement.
The investments were made through the Corporate Finance Group (CFG), erstwhile Structured Finance Group of Piramal Finance Ltd, it added.
RSB is into manufacturing of propeller shafts, gears, axles and machined products for engine components and construction equipment aggregates. It supplies to commercial vehicles, passenger cars, construction and farm equipment manufacturers.
It has 11 manufacturing facilities spread across major auto clusters, the statement added.
Indoshell, on the other hand, focuses on two-wheeler segment supplying engine cylinder blocks to a well-diversified customer base, the company said.
Commenting on the development, Piramal Finance Managing Director Khushru Jijina said: "The auto component space has been on our radar as a focus area for a while now...We look forward to more such transactions as we further scale up our investment focus towards this sector."
Both RSB and Indoshell have long standing relationships with major OEMs and command higher wallet share of their respective customer set, Jijina added.
RSB Group Chairman and MD RK Behera said the investment has provided the company with a long-term solution to its capital requirements.
Similarly, Indoshell Mould MD Balaji Jagadeesan said: "This tranche of funding from the Piramal Group has helped us solve a cash flow mismatch situation and further enables us to meet the incremental demand from two wheeler OEMs." In addition, the company is now well placed to cater to export clients in commercial vehicle segment through our the new export-oriented facility situated near Coimbatore, he added.
(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)
Salman Khan supports Sooaj Barjatya, pens note on his OTT debut, calls his show Bada Naam Karenge...
Little girl's energetic dance to 'London Thumakda' leaves netizens in awe, WATCH viral video
Meet man who left IIT, later earned Rs 286 crore in just 20 weeks by...
Viral Video: Sadhus playing cricket at Mahakumbh mela wins hearts online, watch
Happy Chocolate Day 2025: Wishes, WhatsApp messages, quotes to share with your partner on February 9
Meet woman, who plays key role in Rs 33661 crore company, daughter of billionaire
Vicky Kaushal and Akshaye Khanna didn't talk to each other on the Chhaava sets because...
Nita Ambani, Nick Jonas share candid moments at Siddharth Chopra's wedding, WATCH viral video
UPSC Civil Services Prelims Exam 2025 registration date extended by 7 days; apply at upsc.gov.in
'Fight for progress of Delhi will continue', says LoP Rahul Gandhi after Congress's Delhi debacle
Namma Metro Fare Update: Travel rides get costlier by 50 per cent from THIS date; check details
'AAP-Da Mukt Delhi': PM Modi hails BJP's resounding victory in assembly polls 2025
'He is fit to...': India batting coach shares BIG update on Virat Kohli ahead of IND vs ENG 2nd ODI
IND vs ENG: Rohit Sharma on cusp of breaking Sachin Tendulkar's record in elite openers list
NASA confirms Sunita Williams' return date, denies US President Trump’s ‘stranded’ claim
Meet man whose airline went bankrupt, still has Rs 43894 crore net worth, he is...
Ranji Trophy: Suryakumar Yadav's horror show with bat continues, India star clean bowled for just...
Chocolate Day 2025: 5 easy homemade chocolate recipes to impress your partner
Mass layoffs at Infosys as company terminates 700 freshers over...
Priyanka Chopra wears 62-emerald bead Bvlgari necklace at her brother's wedding
Chocolate Day 2025: Date, significance, history and celebration ideas
Meet Swati Singh, wife of BJP's Parvesh Verma, who defeated Arvind Kejriwal by 4089 votes
Meet man, son of world’s richest woman, he is set to take over Rs 1642000 crore empire as...
SHOCKING! Bride's family cancels wedding at last moment over groom's low...
Nita Ambani, Shloka Mehta stun in gorgeous sarees at Priyanka Chopra's brother's wedding
Meet Trisha and Sanidhi, daughters of BJP's Parvesh Verma, who defeated Arvind Kejriwal
New entrant in grocery quick-commerce, ready to compete with industry giants
Transforming the news and media industry with Generative AI: Expert insights by Sanjay Jain
Dr Tanvi Tijoriwala, ND shedsputs light on balancing skin barrier during rising temperatures
How PM Modi's magic shattered Arvind Kejriwal and his third-term hope in Delhi?
Ahmedabad: Fire breaks out at Sabarmati bullet train station, check details
Meet Sunita Kejriwal, Arvind Kejriwals's wife, who was former IRS officer, met him during...
BIG blow for Meta employees, Mark Zuckerberg's company to layoff employees from..., reason is...
Amitabh Bachchan sparks major concern among fans with cryptic post, writes 'time to go'
Taylor Swift 'feels used' by Blake Lively, wishes she didn't drag her into Justin Baldoni case
Meet IAS officer who failed five times before cracking UPSC exam, cleared in 6th attempt with AIR...
Delhi Election Result 2025 Live Updates: Check full list of winners and losers in Delhi elections
Who is Kabir Bahia, Kriti Sanon's rumoured boyfriend who hid his face from paps
Delhi Election Result 2025: AAP's Arvind Kejriwal vs BJP's Parvesh Verma; key contests to watch out
Bank holidays in February 2025: Check if banks are open or closed on February 8?
Cristiano Ronaldo sends heartfelt retirement message to former Real Madrid teammate Marcelo Viera