JS Auto Cast, Bharat Forge Subsidiary, Secures ₹300 Crore Investment from Premji Invest
Bharat Forge subsidiary, JS Auto Cast, has raised ₹300 crores in equity from Premji Invest. The funds will be used for capacity expansion and industry consolidation. Premji Invest will hold a 23% stake post-infusion. Amit Kalyani and Manoj Jaiswal expressed optimism about the partnership.
The investment of ₹300 crores is significant and will aid in the expansion and consolidation of JS Auto Cast, a subsidiary of Bharat Forge. This could lead to increased market share and improved financial performance for the subsidiary, indirectly benefiting the parent company.
The investment by Premji Invest into Bharat Forge's subsidiary, JS Auto Cast, is a positive development that will fuel growth and expansion. The strong historical performance of JSA and the strategic alignment with Premji Invest indicate a promising future.
JS Auto Cast Foundry India Private Limited (JSA), a wholly-owned subsidiary of Bharat Forge Limited, has successfully raised ₹300 crores in equity investment from Premji Invest (PI) through a primary infusion. Following this infusion, PI will hold a 23% stake in JSA on a fully diluted basis.
The capital raised will be instrumental in accelerating JSA's growth by expanding its casting capacity, investing in medium casting capabilities, and facilitating industry consolidation through acquisitions.
Amit Kalyani, Vice Chairman & Joint Managing Director of Bharat Forge, expressed his delight in partnering with Premji Invest for JSA's next growth phase. He highlighted JSA's excellent financial performance since its acquisition in 2022, with topline, exports, and profitability growing at a Compound Annual Growth Rate (CAGR) of 17%, 24%, and 25% respectively, alongside enhancements in its product mix and customer base.
Manoj Jaiswal, Partner at Premji Invest, stated that the firm is excited to partner with Bharat Forge, a leading manufacturing conglomerate. He added that investing in leading conglomerates for their growth and consolidation is a strategic pillar for Premji Invest, and they look forward to jointly building a leading ferrous casting platform in India through this investment in JSA.
The transaction's completion is contingent upon the customary satisfaction of various conditions. PWC Investment Banking served as the sole financial advisor to Bharat Forge Limited for this transaction.
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Bharat Forge Limited filed this with the NSE as a statutory disclosure, categorised under equity fundraising. It is a primary document, not a recommendation, and the desk marks it medium impact: worth reading, rarely worth acting on by itself.
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