Paragon Partners, others invest $17 million in Maini

The Dollar Business Bureau

Paragon Partners, together with its co-investors, will invest $17 million (Rs.111 crores) in Bengaluru-based Maini Precision Products Ltd. (MPPL) through primary and secondary transactions.

"We have been closely following the manufacturing and industrial sector in India and are very excited about our partnership with Maini,” said Siddharth Parekh, Co-Founder & Senior Partner, in a statement.

"This deal is representative of Paragon's investment philosophy of partnering with high-quality entrepreneurs with differentiated business models and assisting them in scaling up operations through strategic and operational guidance," Parekh said.

Paragon Partners is the private equity venture of Siddharth Parekh and Sumeet Nindrajog. The group generated Rs.1,300 crore from domestic and overseas investors in 2016.

MPPL becomes the second investment for the company. The first investment was $10 million (Rs.63 crore) in Capacit'e Infraprojects Ltd. - a Mumbai-based EPC player.

Founded in 1973 by the Maini family, MPPL manufactures and supplies high-precision engineering component and assemblies for many automotive, industrial and aerospace sectors across the globe.

MPPL commenced operations as an exporter of auto parts to Bosch. Since then it has gone on to become a major exporter for other automotive OEMs, as well as Tier I component suppliers including Eaton, Magneti Marelli and Volvo.