In a business expansion amounting to Rs 100 crores, manufacturing company Zetwerk has announced the acquisition of three businesses to spread its arms further in the aerospace, defence, oil, and gas industries.
The first company that the manufacturing unicorn has acquired is Pinaka Aerospace Solutions, tapping into a wide range of client portfolios and expertise in myriad communication products such as radar systems, and avionics, among other technologies under the A&D sector.
Bengaluru-based Pinaka provides communication solutions to various enterprises, both private and government. These include DRDO, ISRO, Indian defence units, Carlisle, TATA, BEL, HAL, among others. The acquisition of Pinaka is done in a deal that includes a mix of equity and cash.
Zetwerk has previously worked with Pinaka and now, with the amalgamation of the two companies, Zetwerk aims at raising the demand for Indian manufactured products in the global OEM (original equipment manufacturer) market. “As we scale and expand further, we will look to add more homegrown manufacturing companies into our portfolio to grow business,” said Amrit Acharya, CEO and Co-founder of Zetwerk, in a statement.
The second company that Zetwerk has acquired is Sharp Tanks which will help it expand into the Oil and Gas sector. Sharp Tanks has a varied list of clients in Petrochemicals, Fertilisers, and Chemical Industries, in addition to the Oil and Gas sector. The third acquisition is the Wardha fabrication unit of Wheels India.
The Wardha unit will help Zetwerk hone expertise in manufacturing critical fabricated parts for roads, railways, and power. Currently, Zetwerk has acquired 100 percent stake in the company and is currently using this facility to manufacture and supply fabricated girders for the high-speed bullet train project running between Mumbai and Ahmedabad.
Addressing the growth of the Indian eco-system that is partly fuelling these rapid acquisitions, Acharya said, “The Indian industrial ecosystem, including the aerospace and defence manufacturing, has evolved radically, emerging as a strong contender for its global counterparts. However, we believe this is just the beginning, and we are excited to partner with entities that share our vision to drive India’s self-reliance in manufacturing.”
After the acquisition, including Pinaka for the A&D sector, Zetwerk will become one of the seven players in the country that are operating in this rapidly growing sector.
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