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

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Free Press Release Submitted by himteknoforge.com

himteknoforge.com

 

 

 

 

Press Release Distribution

CVCFL invest Rs. 30 crore in HIM Teknoforge for a minority Equity
stake. * HIM Teknoforge to use funds for its Capital Expenditure
plans.  (Free-Pr-Online.com) 

Mumbai, India, April 19th, 2016 — Continuing its strategy of
investing in unlisted companies with high growth potential Canbank
Venture Capital Fund Ltd. (CVCFL) through 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 includes 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 end use in Agri-Machinery, Automotives,
Railways, Defense and Oil & Gas sectors. The product range comprises
of gears, axles, shafts, levers, flanges, assemblies, sub assemblies,
non gear/spider kits, etc.

Explaining the reason for investing in the company, Mr. K Baskaran,
Managing Director, Canbank Venture Capital Fund Ltd. (CVCFL) said,
“The Company envisages good business potential in widening its
product and customer base by undertaking modernization-cum-technology
upgradation and expansion at its existing plants. The proposed capex
will help the company in meeting the demands of its existing customers
for the Machined Components. This will enhance the value addition of
HIM’s operations.” He further added, HIM being an established
player in the Industry will get the inherent benefits of the same.

The Indian forging industry has emerged as a major contributor to the
manufacturing sector of the Indian Economy, estimated at more than USD
3 billion currently, and approx. 20-25% of the size of the forging
industry is attributed to exports. HIM has a good, progressive
management which will take the company 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 enhance the Product value/
branding besides increasing our share of business from the existing
customers as well adding new Customers.”. He further adds that
“HIM is able to offer competitive prices due to its presence in
excise-free zone at Baddi (HP) and proximity to major manufacturers of
Tractors and commercial vehicles who constitute about 75% of the
company’s business “. The funds from CVFCL shall be deployed
towards modernization/additional plant and machinery and tools & dies
at its existing forging and machining units.

HIM has come to be a name of repute over a period of time for its
cutting edge technology, established quality processes, and overall
engineering capabilities. The Company is playing a significant role in
the agri-machinery , automobile and engineering industry. HIM has
completely integrated facilities including in-house quality assurance
and testing infrastructure.

HIM caters to major OEM Clients which includes Mahindra & Mahindra
Ltd., Escorts Ltd., International Tractors,, Preet Agro, AVTEC, Indo
Farm Industries & others in Agricultural sector and Ashok Leyland,
SML-Isuzu, Bharat Gears, VE Commercials, Oerlikon Group, in Automotive
Sector besides Indian Railways & Defense. HIM is persistently
expanding its customer base and recently the company has added other
prominent customers namely ZF Steering, Brakes India, which will add
to the revenues and improve the bottom-line.

The company is planning an IPO sometime in the next 2-3 years.
http://www.himteknoforge.com/

Press & Media Contact:
Mitesh M Kapadia
Sentinel Public Relations Pvt Ltd / Sentinel Advertising Services
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Kandivli (W), Mumbai 400 067. INDIA
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[email protected]
http://www.publicrelationindia.com
http://www.canbankventure.com

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