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Kotak Strategic Situations India Fund II has invested ₹450 crore to back Viney Corporation and Brijesh Aggarwal, the promoter of the company, in buying out stocks held by other strategic investors in the company.
KSSF II has worked with Viney Corporation to create a comprehensive bespoke funding solution to enable Aggarwal to acquire a majority stake in VCPL from existing investor, clean up the capital structure and prepare the company for future expansion and fund-raising opportunities.
According to Eshwar Karra, CEO, Kotak Strategic Situations India Fund II, the fund house is bullish on the automotive sector.
This investment re-emphasises the fund’s ability to partner with industry leaders in their respective domains and to provide them with customised capital solutions for their unique situations, he said.
Also read: Tata Technologies, Gandhar Oil, SBFC Finance get SEBI’s nod to float IPO
Brijesh Aggarwal, Managing Director, VCPL, said that Viney Corporation, backed by Kotak Strategic Situations India Fund, is working to build a global auto components manufacturing platform.
“The company will strive to meet the expectations of stakeholders through value creation and accelerating growth trajectory with best-in-class quality, performance and profitability standards,” he added.
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