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Private equity firm Actis has announced an investment of $71 million in privately-held auto component firm Endurance Technologies.
UK-based Actis, which has $4.6 billion worth of funds under management and specifically focuses on emerging markets, has been extremely bullish on the Indian automotive industry and had earlier invested in Punjab Tractors, Avtec and Sandhar.
Endurance manufactures aluminium die castings, suspensions, transmissions and brakes, with a focus on the motorcycle and scooter market, along with the market for high-end engine and transmission components for passenger and commercial vehicles.
Majority of the company’s revenues come from two-wheeler and three-wheeler vehicle manufacturers, including Bajaj, Yamaha, Suzuki, Honda Motorcycles and Scooters and Royal Enfield. In the passenger car segment, the company supplies to Daimler, Audi, Fiat and Porsche as customers.
The Endurance group consists of Endurance Technologies and its subsidiaries HTTS (India), Amann Druckguss (Germany), Endurance Fondalmec (Italy) and a joint venture with Magnetti Marrelli in India. Endurance is led by founder and Managing Director, Mr Anurang Jain.
On the deal, Mr J.M. Trivedi, Head of South Asia at Actis, said: “Actis has a deep understanding of the automotive industry gained through our investments in Punjab Tractors, Avtec and Sandhar. We are excited to partner with Mr Anurang Jain and look forward to working with the company as it continues to grow and develop.”
The auto component industry in India is expected to grow from $30 billion currently to $110 billion by 2020, according to industry estimates.
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