Automotive components maker Uma Precision has received an investment worth $4 million (about Rs 19 crore) from two private foreign equity investment firms, India China Pre-IPO Equity (Mauritius) and H&M Global Selection Pte. | |
| While India China Pre-IPO Equity (Mauritius) has invested $3 million in Uma Precision, H&M Global, the investment arm of the Kurahara business family in Japan, has invested $1 million. Earlier this year, H&M had invested $1.6 million in the company. |
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| Rajendra Kankaria, managing director and chief executive officer, Uma Precision, told mediapersons on Wednesday that the funds received from overseas investors will be utilised for the firm's expansion plans as well as modernisation of plants. |
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| Kankaria said the company had recently signed an agreement with Doerken MKS Systems GmbH & Company of Germany to set up a line for surface coating its products. |
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| "The company will set up a project in Pune for zinc-alluminium flake coating for cathodic protection that will add value to the components that we make. The process makes the components less vulnerable to wear and tear," Kankaria said. |
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| The capital investment programme will enable the firm to manufacture high-end auto and electrical parts in order to cater to the growing demand from domestic as well as international customers, Kankaria said. |
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| A part of the funds will be utilised for acquiring industrial units in the US. "The idea is to identify the companies in the same line of business to expand our presence in the US market," Kankaria said. |
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