Canbank Venture Capital Fund Ltd picks up Minority Stake in Unlisted Rs 200 Cr, M/s Him Teknoforge Ltd

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Mumbai, India, April 19th, 2016 — Continuing its method of investing in unlisted firms with high development potential Canbank Venture Capital Fund Ltd. (CVCFL) via its Emerging India Growth Fund, has picked up a minority equity stake in ‘Him Teknoforge Ltd’ (HIM) for a consideration of Rs 30 crore which consists of Rs 7.80 Cr towards partial buyout of Equity shareholding held by IFCI Venture Capital Funds Ltd. HIM is a leading manufacturer of Forgings and Machined Components for finish use in Agri-Machinery, Automotives, Railways, Defense and Oil &amp Gas sectors. The item variety comprises of gears, axles, shafts, levers, flanges, assemblies, sub assemblies, non gear/spider kits, and so forth.

Explaining the cause for investing in the firm, Mr. K Baskaran, Managing Director, Canbank Venture Capital Fund Ltd. (CVCFL) mentioned, “The Organization envisages very good enterprise possible in widening its solution and customer base by undertaking modernization-cum-technologies upgradation and expansion at its existing plants. The proposed capex will aid the business in meeting the demands of its current buyers for the Machined Elements. This will improve the worth addition of HIM’s operations.” He further added, HIM being an established player in the Industry will get the inherent advantages of the very same.

The Indian forging business has emerged as a significant contributor to the manufacturing sector of the Indian Economy, estimated at much more than USD 3 billion at present, and approx. 20-25% of the size of the forging sector is attributed to exports. HIM has a excellent, progressive management which will take the firm to greater heights.

States Mr. Rajiv Aggarwal, Executive Director, HIM, “We have been looking for funds to expand/upgrade our operations to achieve the full capacities of the units and also to boost the Product value/ branding apart from growing our share of enterprise from the existing consumers as well adding new Customers.”. He further adds that “HIM is capable to provide competitive costs due to its presence in excise-free of charge zone at Baddi (HP) and proximity to significant makers of Tractors and industrial vehicles who constitute about 75% of the company’s enterprise “. The funds from CVFCL shall be deployed towards modernization/extra plant and machinery and tools &amp dies at its current forging and machining units.

HIM has come to be a name of repute over a period of time for its cutting edge technology, established top quality processes, and all round engineering capabilities. The Business is playing a substantial role in the agri-machinery , automobile and engineering market. HIM has entirely integrated facilities including in-residence quality assurance and testing infrastructure.

HIM caters to major OEM Customers which involves Mahindra &amp Mahindra Ltd., Escorts Ltd., International Tractors,, Preet Agro, AVTEC, Indo Farm Industries &amp other individuals in Agricultural sector and Ashok Leyland, SML-Isuzu, Bharat Gears, VE Commercials, Oerlikon Group, in Automotive Sector apart from Indian Railways &amp Defense. HIM is persistently expanding its client base and lately the business has added other prominent clients namely ZF Steering, Brakes India, which will add to the revenues and boost the bottom-line.

The organization is arranging an IPO sometime in the next two-three years. http://www.himteknoforge.com/

Press &amp Media Contact:
Mitesh M Kapadia
Sentinel Public Relations Pvt Ltd / Sentinel Advertising Solutions
B-603, Samajdeep
Near Bhanu Park/Seasons Restaurant
Adukia Road, Off S V Road
Kandivli (W), Mumbai 400 067. INDIA
Tel: (91 22) 28625131/32
Cel: +91 98205 03876
Fax: (91 22) 28625133
mitesh@publicrelationindia.com
http://www.publicrelationindia.com
http://www.canbankventure.com

Sir John French riding with A.D.C.s and Indian Cavalry escort [Blendecques, France]. Photographer: H. D. Girdwood.
Reference: Photo 24/(305)

From the Girdwood Collection held by the British Library.
This image is portion of the Europeana Collections 1914-1918

Date: 18 Aug 1915

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By The British Library on 2014-04-15 17:57:37
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