Axis India Strategic Opportunities Fund has invested Rs 41.4 crore in Pune-based Precision Automation and Robotics India Ltd (PARI). The company is involved in providing automation solutions through robotics and mechatronic technology for both manufacturing and non-manufacturing processes. The investment has been made through a mix of fresh capital infusion and secondary stake sale.
PARI expects that upcoming structural changes in the manufacturing industry would lead to low-cost, high quality automation solutions that it can deliver. The company’s offering include turnkey automation solutions, standard material handling applications, process systems and custom manufacturing and non-manufacturing processes.
Its clients are mainly in the auto and the ancillary industry, which include Tata Motors, Ford, Bharat Forge, Eicher, John Deere, among others. It also also has engineering firms like L&T and home appliance firms like LG and GE as its clients.
“The global opportunities are expanding rapidly driven by economic pressures and at the same time, PARI’s internal capabilities and capacity expansion is at take-off point through the completion of the Automation City and & Training Center project,” said Dr Ranjit Date,
joint MD at PARI.
“We believe that we are now investing at company’s inflection point since it is rightly placed to tap business growth revival and our funds should catalyse such growth,” said Manish Jain of Axis Holdings, which manages the India Strategic Opportunities Fund.
KPMG India Pvt Ltd was advisor on the transaction.