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Zetwerk buys Pinaka Aerospace to expand defence manufacturing business

Zetwerk has made two other acquisitions and the total value of all three deals is approximately Rs 100 crore

Startup | acquisition | startups in India

Peerzada Abrar  |  Bengaluru 

Amrit Acharya Zetwerk
Amrit Acharya Zetwerk

Zetwerk, a company, said on Thursday it has acquired Pinaka Aerospace Solutions for an undisclosed amount as it expands its business.

Zetwerk said the would help it tap the Indian aerospace and defence (A&D) market, which is worth $11 billion and is set to grow to $25 billion by 2025.

Zetwerk also picked up majority stakes in Sharp Tanks and a 100 per cent stake in the Wardha factory of Wheels India. The total value of the three acquisitions stands at approximately Rs 100 crore. Zetwerk has unicorn status as a after being valued at more than $1 billion.

“We are confident that our combined capabilities will help shape the A&D industry as we bring back demand for Indian from global OEMs (original equipment manufacturers),” said Amrit Acharya, co-founder and CEO of Zetwerk Manufacturing Businesses. “As we scale and expand further, we will look to add more home-grown manufacturing into our portfolio to grow our business.”

The Indian government's Make in India manufacturing push, and domestic demand for commercial and defence applications and spares will help A&D. “We believe this is just the beginning, and we (want) to partner with entities that share our vision to drive India’s self-reliance in manufacturing,” added Acharya.

Zetwerk provides communication solutions to Indian defence units, government research facilities like DRDO and and enterprise clients like Carlisle, Tata, AVTEC, BEL, and HAL. Zetwerk is acquiring a majority stake in Pinaka through a mix of equity and cash.

Sharp Tanks does design, fabrication, commissioning of equipment and structural works for clients in the oil and gas, petrochemicals, fertilisers and chemicals industries. With this takeover, Zetwerk will become one of the seven in the country operating in this space.

The Wardha fabrication unit of Wheels India's allows Zetwerk to tap into a $1.5 billion market comprising the manufacturing of critical fabricated parts for power, roads, and railways.

Last year in August, Zetwerk raised $150 million in a Series E funding round led by D1 Capital Part­ners. The investment took the valuation of the firm to over $1 billion, making it a member of the coveted uni­corn club.

First Published: Thu, June 30 2022. 16:22 IST