Standard Chartered Private Equity today said it has invested Rs 85 crore for a minority stake in Coimbatore-based Craftsman Automation, a multi-product light engineering company.
The funding will part finance the expansion of the Craftsman Automation's various manufacturing facilities, the company said in a statement.
"We are significantly expanding our business by capitalising on large opportunities across our business segments in India and globally. We are pleased to partner with Standard Chartered Private Equity to help further accelerate our global growth efforts," Craftsman Automation Private Limited (CAPL) Managing Director S Ravi said.
As part of the investment, Namit Arora, Director of Standard Chartered Private Equity has joined the Board of Directors of Craftsman Automation.
"We have found Craftsman Automation to be the right partner because of its superior engineering and design capabilities and focus on product quality, a key differentiator for the company," Standard Chartered Private Equity Managing Director Rahul Raisurana said.
Commenting on the development, IFC, Director, Manufacturing Agribusiness & Services, Asia Pacific Vipul Prakash said: "we are delighted to have Standard Chartered Private Equity as a partner along with us to support the growth of Craftsman Automation".
International Finance Corporation (IFC) is an existing investor in Craftsman Automation.
CAPL's customer base includes General Electric (GE), Daimler, Mitsubishi, Caterpillar, Siemens, Mahindra & Mahindra (M&M) and Tata Motors.
CAPL had set up subsidiaries, include Craftsman Marine in Netherlands for marketing CAPL's industrial application products in the marine segment via distributors in over 40 countries and Craftsman Singapore for strategic sourcing in the Asian region.
CAPL aims to expand its foot print via its two joint ventures - with Mitsubishi Corporation of Japan for industrial machinery and Carl Stahl of Germany for material handling.
Spark Capital acted as the transaction advisor for Craftsman Automation in the transaction.