CHENNAI: JS Auto Cast Foundry India Private Limited (JSA), a 100% wholly owned stepdown subsidiary of Bharat Forge Limited and a leading supplier of critical ferrous castings for industrial and automotive applications, has successfully raised equity of Rs 300 crore from Premji Invest (PI) by way of primary infusion into the company.
PI will hold 23% stake on a fully diluted basis post the infusion, Bharat Forge said in its statement to exchanges.
Premji Invest is an investment firm of industrialist Azim Premji. The capital will be utilised to accelerate the growth of JSA by expanding its casting capacity, investing in medium casting capacity and consolidation of the industry via acquisitions.
Amit Kalyani, Vice Chairman & Joint Managing Director, Bharat Forge said, “Since 2022 when we acquired JSA, the company has delivered excellent financial performance with topline, exports and profitability growing at a CAGR of 17%, 24% and 25% respectively, while enhancing its product mix and customer base. We are delighted to partner with Premji Invest (PI), a renowned and highly respected investor, in the next phase of JSA’s growth journey.”
Manoj Jaiswal, Partner, Premji Invest, said, “We are excited to partner with Bharat Forge, a premier engineering and manufacturing conglomerate in the country. Collaborating with leading conglomerates on their growth and consolidation journey is one of our strategic pillars. Through our investment in JSA, we look forward to jointly building a leading ferrous casting platform in the country.” PWC Investment Banking acted as the sole financial advisor for Bharat Forge Limited.