Kotak Alternate Asset Managers Ltd has announced a Rs 1,200-crore ($142-million) investment in Ace Designers Ltd, a manufacturing company based in southern India.
Bengaluru-based Ace Designers plans to utilize the funds to establish a new manufacturing plant and expand its product portfolio as well as its global presence.
“This partnership with Kotak Alts will be a powerful catalyst for accelerating our investments in technology, capacity, and talent,” said SG Shirgurkar, promoter of Ace Designers.
VCCircle had reported in March that the alternative asset management arm of Kotak Mahindra Group was in advanced discussions to invest in the machine tool manufacturing firm, with the transaction expected to be made through the $1.5-billion Kotak Strategic Situations Fund Il, Kotak's special situations fund.
Founded in 1979 by three engineers from the Central Manufacturing Technology Institute, Ace Designers is the flagship company of the Ace Micromatic Group.
Originally launched as a design consultancy, the company has evolved into one of the country’s largest manufacturers of CNC turning centres and machining centres. For FY25, it is projecting an annual revenue exceeding Rs 2,400 crore.
With a workforce of over 500 employees, Ace Designers operates manufacturing facilities across 50,000 square meters in Bengaluru. It has the capacity to produce 8,000 turning centers and 3,400 machining canters annually. The firm has a market presence across Asia, Australia, the Middle East, the Americas, and Europe.
Set up in early 2005, Kotak Alternate Asset manages over $22 billion (Rs 1.88 trillion) in assets across private equity, real estate, infrastructure, special situations, private credit, and investment advisory. Its special situations fund typically invests between $75 million and $125 million in a portfolio company.
