“Nash exemplifies the emergence of worldwide aggressive manufacturing from India. Its integrated capabilities throughout mechanical, electrical, electronics, and design domains place it effectively to serve next-generation sectors, together with high-growth areas reminiscent of synthetic intelligence and clear vitality,” mentioned Raghav Ramdev, managing director at ChrysCapital.
The businesses didn’t disclose the transaction particulars. In September, Mint first reported {that a} clutch of personal fairness corporations, together with ChrysCapital, had expressed curiosity in buying a 25-30% stake in Nash Industries, valued at about $150 million.
The capital infusion will allow Nash Industries to speed up its subsequent section of progress and comes towards the backdrop of rising investor curiosity in India’s evolving electronics manufacturing and value-added industrial ecosystem, pushed by world provide chain diversification, growing localization and demand from technology-intensive finish markets.
Different comparable offers in the manufacturing section embody Bengaluru-based semiconductor agency Tessolve’s $150 million fundraise led by TPG Development, and Bain Capital’s funding in Aurangabad-based automotive part producer Dhoot Transmission. Bain additionally introduced a strategic partnership with RSB Transmissions, a world producer of automotive, building, and off-highway gear methods.
“Our core power has at all times been manufacturing. We at the moment are trying to create a producing presence not simply in India however globally as effectively. We lately launched our Center-East facility,” Sanjay Wadhwa, chairman of Nash Industries, informed Mint in an interview. “The concept is to be a multi-geographical manufacturing facility over a time frame. Being current in a number of areas is our final goal,” he mentioned.
Forging bonds
Wadhwa additional added that the partnership with ChrysCapital will allow the corporate to scale sooner, deepen its technological capabilities, and reply to buyer wants with even larger agility.
“Over the past decade, there was a major shift in emphasis on manufacturing. China-plus-one has been an enormous alternative. Make in India has been an enormous dialog. These have introduced a number of inbound alternatives for us—assembling ATMs, EV boards—we’ve at all times been in that area with different clients,” he mentioned, including that conversations with clear vitality firms taking a look at China-plus-one have introduced tailwinds. “I imagine this is an inflection level—not only for us, however for all the manufacturing trade in India,” he mentioned.
For context, the US-India commerce deal introduced on Monday evening would slash US tariffs on Indian items to 18% from 50% reducing commerce boundaries between the 2 nations. Final month, India additionally concluded its free commerce settlement with the European Union after greater than 20 years of negotiations, giving the world’s most populous nation duty-free entry to the EU.
Sandeep Wadhwa, joint managing director of Nash Industries, additionally alluded to the emotions. “It couldn’t have come at a extra opportune time for us. We at all times believed the tariffs would go away, however it took longer than anticipated. There’s a powerful secular export story throughout a number of sectors. We see this as a twin deal—the EU settlement and the US settlement. Total, this may profit many Indian sectors and strengthen the long-term US-India partnership,” he mentioned.
“It’s an export-driven enterprise—round 60% exports, with North America as a key market. Final yr, there have been tariff-related headwinds, however the assumption was that these wouldn’t be everlasting. As of final evening, the tariff subject appears to have been resolved at round 18%. That’s a powerful consequence,” ChrysCapital’s Ramdev added.
World footprint
Sandeep additional added that the partnership with ChrysCapital will assist the corporate make investments extra in technology, strengthen operations and ship high-reliability options to clients throughout essential industries. “We haven’t carried out acquisitions in the previous. However we are able to now selectively have a look at alternatives relying on the sector and the sort of speciality we wish to present to our clients,” Sandeep mentioned.
He added that the agency’s presence in the European Union is restricted. “We may discover alternatives in sure markets if it offers us entry to a extra diversified buyer base.”
In the meantime, Nash gives full-suite design and manufacturing options and gives integrated box-build capabilities. Established in 1971, the corporate claims a market share in banking {hardware} and is quickly increasing its presence throughout high-growth segments reminiscent of information centres, clear vitality, gaming {hardware}, and industrial motherboards.
It is additionally amongst a choose group of producers in India with totally integrated capabilities spanning mechanical, electrical and electronics elements, the corporate mentioned in the assertion. Nash operates 15+ state-of-the-art manufacturing items throughout South and West India and caters to a diversified base of blue-chip world clients. The corporate’s revenues have quadrupled during the last 5 years, pushed by shifts in world outsourcing. As of FY25, the corporate reported income of ₹1,500-1,600 crore.
PE funding in manufacturing
Based in 1999, ChrysCapital is one of many largest personal fairness corporations investing in India, with about $8.5 billion raised throughout 10 personal fairness funds, a continuation fund, and a public markets fund. A few of its different manufacturing investments in the nation embody ILJIN Electronics, Safex Chemical substances, Livguard and GMM Pfaudler.
It has additionally invested in different sectors, reminiscent of enterprise technology, monetary companies, healthcare, and shopper, and has backed firms together with the Nationwide Inventory Change, Hero FinCorp, Theobroma, and Intas Pharma.
The homegrown personal fairness (PE) agency raised $2.2 billion for its tenth fund final yr, over 60% bigger than its ninth fund. The most recent fund noticed a major shift in the LP base. A bit of greater than $1.7 billion got here from world buyers and about $300 million from home establishments and household places of work.
With firms globally more and more sourcing from India and the latest finances outlays and different authorities initiatives, “I feel we’re going lengthy on manufacturing from fund 10 onwards,” Ramdev mentioned. “We have already got publicity to sure segments, however we could wish to add extra inside the manufacturing area.”
Avendus acted because the unique monetary advisor to Nash Industries.
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