Tata Opportunities Fund invests Rs 300 cr in Varroc Group
Summary
The Tata Opportunities Fund (TOF), the Private Equity fund of Tata Capital, has invested Rs 300 crore ($50 million) in Varroc Engineering Private Limited, the holding company of the Varroc Group, leading Indian auto component manufacturer.With over Rs 6,900 Crore ($1.15 billion) in revenue, Varrocs domestic businesses are geared towards two-wheel segments with a strong presence in plastics and polymers, metallic parts and electrical components. Varroc had acquired the global automotive lighting business of Visteon (formerly a division of Ford) in 2012. The group has marquee clients including Jaguar Land Rover, Ford, Tesla, GM, Volkswagen, Bentley and Nissan in the global market and players such as Bajaj, Honda, Yamaha, Hero, Royal Enfield, Mahindra and Tata Motors in the domestic market. Also read: Padmanabh Sinha, Managing Partner of the Funds advisory team in India said, "The Fund believes India has excellent engineering and management capabilities which can be leveraged to create global leaders in manufacturing. "Also read: Temasek India MD quits, to join Tata CapitalIn May last year, Tata Opportunities Fund LP, rasied $600 million from sovereign investors, financial institutions, global corporate and high net-worth families from North America, Asia and the Middle-East.