Paragon Partners today said it is investing Rs 111 crore in Bengaluru-based Maini Precision Products (MPPL) through a mix of primary and secondary transactions.
Paragon Partners was floated by Siddharth Parekh, son of HDFC Chairman Deepak Parekh, and entrepreneur Sumeet Nindrajog in August last year.
The private equity firm, which achieved its first close from a mix of domestic and overseas investors in early 2016, is on track to raise Rs 1,300 crore by the end of the year.
This is the company's second investment after investing Rs 63 crore in Mumbai-based construction firm Capacite Infraprojects.
"Paragon Partners Growth Fund - I, along with co-investors, is investing Rs 111 crore in Maini Precision Products," the PE venture said 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," Siddharth Parekh, Co-founder and Senior Partner at Paragon Partners, said.
"Given our proven trackrecord, expertise and support of Paragon Partners, we are confident of increasing our business footprint and achieving our growth ambitions," MPPL CEO and MD Gautam Maini said in a statement.
MPPL is a manufacturer and supplier of high-precision engineering components and assemblies catering to the global automotive, industrial and aerospace sectors.
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