 "automobile, auto sales, auto component, car, equipment, manufacturing, component, production, jobs, workers")
India Resurgence Fund, promoted by Piramal Enterprises and Bain Capital Credit, along with its affiliates, on Tuesday said it has invested Rs 615 crore (USD 83 million) in Gujarat-based Setco Group.
As part of the deal, Setco Automotive will transfer its clutch business into a subsidiary, Setco Auto Systems into which IndiaRF will invest through a senior debt facility and 35 per cent equity stake in SASPL. "The investment proceeds will be used for growth capital and providing working capital to enable the businesses to grow on the back of anticipated recovery in the commercial vehicles market, meet the demand
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