Mumbai, India, April 19th, 2016 — Continuing its technique of investing in unlisted companies with higher growth prospective Canbank Venture Capital Fund Ltd. (CVCFL) through its Emerging India Development Fund, has picked up a minority equity stake in ‘Him Teknoforge Ltd’ (HIM) for a consideration of Rs 30 crore which includes Rs 7.80 Cr towards partial buyout of Equity shareholding held by IFCI Venture Capital Funds Ltd. HIM is a major manufacturer of Forgings and Machined Elements for end use in Agri-Machinery, Automotives, Railways, Defense and Oil &amp Gas sectors. The item variety comprises of gears, axles, shafts, levers, flanges, assemblies, sub assemblies, non gear/spider kits, etc.

Explaining the reason for investing in the firm, Mr. K Baskaran, Managing Director, Canbank Venture Capital Fund Ltd. (CVCFL) said, “The Organization envisages excellent enterprise potential in widening its product and client base by undertaking modernization-cum-technologies upgradation and expansion at its existing plants. The proposed capex will aid the business in meeting the demands of its existing consumers for the Machined Elements. This will improve the value addition of HIM’s operations.” He further added, HIM being an established player in the Sector will get the inherent positive aspects of the same.

The Indian forging industry has emerged as a significant contributor to the manufacturing sector of the Indian Economy, estimated at far more than USD 3 billion currently, and approx. 20-25% of the size of the forging market is attributed to exports. HIM has a very good, progressive management which will take the company to higher heights.

States Mr. Rajiv Aggarwal, Executive Director, HIM, “We have been hunting for funds to expand/upgrade our operations to attain the full capacities of the units and also to enhance the Item value/ branding in addition to escalating our share of company from the current clients as nicely adding new Buyers.”. He additional adds that “HIM is in a position to provide competitive rates due to its presence in excise-totally free zone at Baddi (HP) and proximity to significant companies of Tractors and industrial vehicles who constitute about 75% of the company’s business “. The funds from CVFCL shall be deployed towards modernization/further plant and machinery and tools &amp dies at its existing forging and machining units.

HIM has come to be a name of repute more than a period of time for its cutting edge technologies, established good quality processes, and all round engineering capabilities. The Firm is playing a substantial part in the agri-machinery , automobile and engineering business. HIM has totally integrated facilities such as in-property high quality assurance and testing infrastructure.

HIM caters to major OEM Clientele which contains Mahindra &amp Mahindra Ltd., Escorts Ltd., International Tractors,, Preet Agro, AVTEC, Indo Farm Industries &amp other folks in Agricultural sector and Ashok Leyland, SML-Isuzu, Bharat Gears, VE Commercials, Oerlikon Group, in Automotive Sector apart from Indian Railways &amp Defense. HIM is persistently expanding its consumer base and recently the business has added other prominent consumers namely ZF Steering, Brakes India, which will add to the revenues and increase the bottom-line.

The organization is organizing an IPO sometime in the next 2-three years. http://www.himteknoforge.com/

Press &amp Media Make contact with:
Mitesh M Kapadia
Sentinel Public Relations Pvt Ltd / Sentinel Marketing Services
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Kandivli (W), Mumbai 400 067. INDIA
Tel: (91 22) 28625131/32
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Fax: (91 22) 28625133
mitesh@publicrelationindia.com
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http://www.canbankventure.com

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