Business Reporter -
MUSCAT, JUNE 4 -
Oman India Joint Investment Fund (OIJIF), a joint venture of the Sultanate’s sovereign wealth fund, the State General Reserve Fund (SGRF), and the State Bank of India, has announced an investment of Rs 100 crore ($15 million approximately) automobile component maker Divgi TorqTransfer Systems (Divgi-TTS) based in Pune in the western state of Maharashtra.
According to a report in The Economic Times, OIJIF — a mid-market private equity firm — had recently announced the second close of its second fund, with commitments of $230 million. The second fund, which has a target corpus of $300 million, had hit first close at $220 million in January 2017.
The investment, made in April, will be used for the auto part maker’s capacity expansion and diversification into new product categories, the report said.
According to the report, the auto part maker is eyeing emerging growth in electric and hybrid vehicle systems as well as BS-VI technology. Divgi-TTS makes automotive drivetrain systems and components, transfer cases, torque couplers and auto-locking hubs, according to its website.
OIJIF, set up in 2010, has completed investments worth $100 million from its first fund. Beneficiaries include sports footwear retailer SSIPL, National Commodity and Derivatives Exchange (NCDEX), defence electronics maker Indus Teqsite, battery maker HBL Power and agro chemicals firm GSP Crop Science.
In March 2017, the fund had sold its stake in Kotak Mahindra Bank.
Besides Kotak Mahindra Bank, OIJIF also exited Solar Industries India Ltd and partly exited Beaver Engineering.
Oman Observer is now on the WhatsApp channel. Click here
