JOIN USCanbank Venture Capital Fund (CVCFL) has picked up a minority stake in Him Teknoforge (HIM) for Rs 30 crore.
The investment, which has been done through CVCFL’s Emerging India Growth Fund, includes Rs 7.80 crore towards partial buyout of shareholding held by IFCI Venture Capital Funds.
HIM is a leading manufacturer of forgings and machined components for end use in agri-machinery, automotives, railways, defence and oil and gas sectors. The product range comprises of gears, axles, shafts, levers, flanges, assemblies, sub assemblies, non gear/spider kits.
HIM caters to major original equipment manufacturer clients which includes M&M and Escorts, among others.
International Tractors, Preet Agro, AVTEC, Indo Farm Industries and others in the agricultural sector; and Ashok Leyland, SML-Isuzu, Bharat Gears, VE Commercials, Oerlikon Group in the automotive Sector, besides Indian Railways & Defence.
HIM is expanding its customer base and recently the company has added other prominent customers namely ZF Steering, Brakes India.