Precision manufacturing firm has raised Rs 448 crore ($54 million) in a fresh equity round led by Singapore-based , which brings on board five new investors.
The round saw participation from , Catamaran, the family office of Infosys founder N R Narayana Murthy, , and the investment office of Desh Deshpande, among others.
Aequs plans to allocate the freshly acquired funds to launch a new Advanced Technology Products (ATP), vertical to manufacture high-precision components for global consumer electronics companies.
The exclusive investment banker for this transaction was AMBIT Private Ltd.
The latest round follows an earlier fundraise of Rs 225 crore earlier in April led by , which has also participated in the current round through its affiliates.
Founded in 2006, Aequs is a contract manufacturing company that provides vertically integrated product solutions across the aerospace, toys, and consumer durable goods industries. It currently operates manufacturing facilities across India, France, and the US.
Aequs currently derives almost 100% of its revenues from exports. It supplies precision components and assemblies to global aerospace companies such as Airbus, Boeing, Bombardier, Safran, Collins, Spirit, Eaton, and .
The company has built a globally acknowledged aerospace-focused forgings-to-assembly integrated manufacturing ecosystem at India’s first aerospace SEZ in Belagavi, Karnataka where it is headquartered.
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“Aequs for the past 15 years focused on maximising in-country value add on the products it makes across the industry verticals it operates in. These partnerships will also help in tapping opportunities due to the realignment of global supply chains and their relocation to India in many instances,” said Aravind Melligeri, Chairman and CEO of Aequs, said in a statement.
Over the years, Aequs has invested in building manufacturing infrastructure and capabilities across industry verticals. It operates the largest aerospace machining capacity in India of over 1.2 million machining hours per year at this campus. Apart from operating 12 units, including aerospace-focused, fully-owned establishments and joint ventures, in Belagavi, US (Paris, Texas), and France (Cholet), Aequs has five more operating units in Karnataka’s Koppal and Hubballi cities for its non-aerospace businesses.
Edited by Kanishk Singh
