ChrysCapital acquires minority stake in Bengaluru-based Nash Industries

Raghav Ramdev, Managing Director of ChrysCapital, said: “Nash exemplifies the emergence of globally competitive manufacturing in India. Its integrated capabilities in mechanical, electrical, electronics and design make it well positioned to serve next-generation industries, including high-growth areas such as artificial intelligence and clean energy.”

The companies did not disclose transaction details. In September, Mint First, a group of private equity firms, including ChrysCapital, reportedly expressed interest in acquiring a 25-30% stake in Nash Industries worth approximately $150 million.

The capital infusion will enable Nash Industries to accelerate its next phase of growth and comes against a backdrop of growing investor interest in India’s emerging electronics manufacturing and value-added industrial ecosystem, driven by global supply chain diversification, increased localization and demand from technology-intensive end markets.

Other similar deals in the manufacturing segment include Bengaluru-based semiconductor firm Tessolve’s $150 million fundraise led by TPG Growth and Bain Capital’s investment in Aurangabad-based automotive parts maker Dhoot Transmission. Bain also announced a strategic partnership with RSB Transmissions, a global manufacturer of automotive, construction and off-highway equipment systems.

Sanjay Wadhwa, chairman of Nash Industries, said: “Our core strength has always been manufacturing. We now aim to create a manufacturing presence not only in India but also globally. We have recently launched our Middle East facility.” Mint in an interview. “The idea is to be a multi-geography manufacturing facility over a period of time. Being present in multiple regions is our ultimate goal,” he said.

create bonds

Wadhwa also added that the partnership with ChrysCapital will enable the company to scale faster, deepen its technological capabilities and respond to customer needs with even greater agility.

“There has been a significant shift in the emphasis on manufacturing in the last decade. China plus one has been a big opportunity. Manufacturing in India has been a big discussion. These have brought us a lot of new opportunities (ATMs, EV panels assembly). We have always been in this space with other customers,” he said, adding that talks with clean energy companies looking at China plus one have brought headwinds. “I believe this is a turning point not just for us but for the entire manufacturing sector in India,” he said.

For context, the US-India trade deal announced Monday night will reduce trade barriers between the two countries by reducing US tariffs on Indian goods from 50% to 18%. Last month, India also signed a free trade agreement with the European Union after more than two decades of negotiations, giving the world’s most populous country duty-free access to the EU.

Sandeep Wadhwa, joint managing director of Nash Industries, also echoed these sentiments. “It couldn’t have come at a more opportune time for us. We always believed that tariffs would be lifted, but it took longer than expected. There is a strong secular export story in many sectors. We see this as a bilateral agreement; the EU agreement and the US agreement. Overall, this will benefit many Indian sectors and strengthen the long-term US-India partnership,” he said.

“This is an export-led business; around 60% is exports, with North America being the key market. There were fluctuations with tariffs last year, but the assumption was that they would not be permanent. As of last night, the tariff issue appears to have been resolved at around 18%. That’s a strong result,” added ChrysCapital’s Ramdev.

global footprint

Sandeep also added that the partnership with ChrysCapital will help the company invest further in technology, strengthen its operations and provide highly reliable solutions to customers in critical sectors. “We haven’t made acquisitions in the past. But now we can selectively look at opportunities depending on the industry and the type of expertise we want to offer to our customers,” Sandeep said.

He added that the company’s presence in the European Union is limited. “We can explore opportunities in certain markets if it gives us access to a more diverse customer base.”

Meanwhile, Nash provides full-service design and manufacturing solutions and offers integrated box-building capabilities. Founded in 1971, the company claims market share in banking hardware and is rapidly expanding its presence in fast-growing segments such as data centers, clean energy, gaming hardware and industrial motherboards.

The company is also among a select group of manufacturers in India with fully integrated capabilities spanning mechanical, electrical and electronic components, the company further said in a statement. Nash operates more than 15 state-of-the-art manufacturing units across Southern and Western India and caters to a diverse, premium global customer base. The company’s revenues have quadrupled in the last 5 years, driven by changes in global outsourcing. As of FY25, the company reported revenue of: ₹1,500-1,600 crore.

PE investment in production

Founded in 1999, ChrysCapital is one of the largest private equity firms investing in India, with around $8.5 billion raised across 10 private equity funds, one continuity fund and one public market fund. Some of the other manufacturing investments in the country include ILJIN Electronics, Safex Chemicals, Livguard and GMM Pfaudler.

It has also invested in other sectors such as enterprise technology, financial services, healthcare and consumer, and has backed companies such as the National Stock Exchange, Hero FinCorp, Theobroma and Intas Pharma.

The domestic private equity (PE) firm raised $2.2 billion for its tenth fund last year; this was 60% more than his ninth fund. The latest fund has seen a significant shift in its LP base. Just over $1.7 billion came from global investors, while nearly $300 million came from domestic institutions and family offices.

With companies globally increasingly sourcing from India, with recent budget outlays and other government initiatives, “I think we will resume production from Fund 10 onwards,” Ramdev said. “We already have certain segments, but we may want to add more to the manufacturing space.”

Avendus served as exclusive financial advisor to Nash Industries.