JS Auto Cast Foundry India Private Limited has completed a Rs 300 crore primary equity raise from Premji Invest, marking a significant capital infusion for the ferrous castings manufacturer.
The investment gives Premji Invest a 23% stake on a fully diluted basis in JS Auto Cast, which operates as a wholly-owned stepdown subsidiary of Bharat Forge Limited. The company specializes in critical ferrous castings for industrial and automotive applications.
According to the company's announcement, the capital will be deployed to expand casting capacity, invest in medium casting capabilities, and pursue consolidation opportunities through acquisitions in the sector.
Amit Kalyani, Vice Chairman and Joint Managing Director of Bharat Forge, noted that JS Auto Cast has demonstrated strong financial performance since its 2022 acquisition. The subsidiary has recorded compound annual growth rates of 17% in revenue, 24% in exports, and 25% in profitability over this period.
Manoj Jaiswal, Partner at Premji Invest who leads the firm's Industrials and Buyout investments, stated that the partnership aligns with the investment firm's strategy of collaborating with leading conglomerates on growth and consolidation initiatives. Premji Invest aims to develop a prominent ferrous casting platform through this investment.
The transaction remains subject to customary closing conditions. PWC Investment Banking served as the sole financial advisor to Bharat Forge Limited for the deal.
Bharat Forge operates as a global leader in manufacturing high-performance components across sectors including automotive, defense, aerospace, power, and industrial applications, with facilities in five countries.
Premji Invest functions as a global investment firm backing emerging technologies and market opportunities across private and public markets, with proceeds supporting the Azim Premji Foundation's work with underserved communities.