Zetwerk Acquires Three Firms For Rs 100 Crore To Boost Industrial Business
"Will look to add more homegrown manufacturing companies into our portfolio to grow our business," the co-founder and CEO said.
Zetwerk Manufacturing has acquired three companies for Rs 100 crore to strengthen its industrial vertical business in the oil and gas, aerospace, defence, and infrastructure component segments.
The Bengaluru-based unicorn has aquired:
A majority stake in Pinaka Aerospace to augment its aerospace and defence manufacturing capabilities.
A majority stake in SharpTanks to increase its exposure to the oil and gas industry in the country.
Wheels India's Wardha fabrication unit to tap into a $1.5 billion market of critical components for roads and railway sectors.
"Zetwerk and Pinaka have a history of working together, and we are confident that our combined capabilities will help shape the aerospace and defence industry as we bring back demand for Indian manufacturing from global OEMs (original equipment manufacturers)," said Amrit Acharya, co-founder and chief executive, Zetwerk Manufacturing. "As we scale and expand further, we will look to add more homegrown manufacturing companies into our portfolio to grow our business."
The company provides communication solutions to Indian defence units, government research facilities like Defence Research and Development Organisation and the Indian Space Research Organisation and enterprise clients like Carlisle, Tata, AVTEC, BEL, and HAL, among others.
SharpTanks brings in design, fabrication, commissioning of equipment and structural works to serve clients in the oil and gas, petrochemicals, fertilisers and chemicals industries.
With this takeover, Zetwerk will become one of the seven companies in the country operating in this space, Acharya said.