ChrysCapital Acquires Minority Stake in Bengaluru-Based Nash Industries
Private equity giant ChrysCapital has made a strategic investment in Nash Industries, a precision manufacturing solutions provider headquartered in Bengaluru. While the exact financial details of the transaction remain undisclosed, this move signals growing confidence in India's manufacturing sector amid favorable global trade dynamics.
Strategic Partnership for Global Expansion
Raghav Ramdev, managing director at ChrysCapital, emphasized the significance of this investment, stating, "Nash exemplifies the emergence of globally competitive manufacturing from India. Its integrated capabilities across mechanical, electrical, electronics, and design domains position it well to serve next-generation sectors, including high-growth areas such as artificial intelligence and clean energy."
This capital infusion comes at a pivotal moment for Nash Industries, which aims to leverage ChrysCapital's backing to transition from a domestic leader to a multi-geographical powerhouse. The company recently launched a Middle-East facility and plans to establish manufacturing presence across multiple regions.
Timing Aligns with Favorable Trade Agreements
The investment coincides with significant developments in international trade relations. The recent US-India trade deal, which reduces US tariffs on Indian goods from 50% to 18%, creates substantial opportunities for export-oriented manufacturers like Nash Industries.
Sandeep Wadhwa, joint managing director of Nash Industries, commented on the timing, "It couldn't have come at a more opportune time for us. We always believed the tariffs would go away, but it took longer than expected. There's a strong secular export story across multiple sectors."
Additionally, India's recently concluded free trade agreement with the European Union after more than two decades of negotiations provides duty-free access to the EU market, further strengthening the export potential for Indian manufacturers.
Manufacturing Sector Transformation
Sanjay Wadhwa, chairman of Nash Industries, highlighted the broader industry context, "Over the last decade, there has been a significant shift in emphasis on manufacturing. China-plus-one has been a huge opportunity. Make in India has been a huge conversation."
He added, "I believe this is an inflection point—not just for us, but for the entire manufacturing industry in India."
The company's growth trajectory supports this optimism. Nash Industries has seen its revenues quadruple over the last five years, reaching ₹1,500-1,600 crore in FY25, driven by shifts in global outsourcing patterns.
Integrated Manufacturing Capabilities
Established in 1971, Nash Industries provides full-suite design and manufacturing solutions with integrated box-build capabilities. The company operates more than 15 state-of-the-art manufacturing units across South and West India, catering to a diversified base of blue-chip global customers.
The company has expanded beyond its traditional banking hardware market share into high-growth segments including data centers, clean energy, gaming hardware, and industrial motherboards. It represents one of the select manufacturers in India with fully integrated capabilities spanning mechanical, electrical, and electronics components.
Private Equity's Growing Manufacturing Focus
Founded in 1999, ChrysCapital has emerged as one of India's largest private equity firms, having raised approximately $8.5 billion across various funds. The firm recently secured $2.2 billion for its tenth fund, representing a 60% increase over its previous fund.
Ramdev revealed the firm's strategic direction, "I think we are going long on manufacturing from fund 10 onwards. We already have exposure to certain segments, but we may want to add more within the manufacturing space."
This investment follows other significant manufacturing deals in India, including Bengaluru-based semiconductor firm Tessolve's $150 million fundraise led by TPG Growth, and Bain Capital's investment in Aurangabad-based automotive component manufacturer Dhoot Transmission.
Future Growth Trajectory
The partnership with ChrysCapital will enable Nash Industries to accelerate its technological capabilities, strengthen operations, and explore strategic acquisitions. Sandeep Wadhwa noted, "We haven't done acquisitions in the past. But we can now selectively look at opportunities depending on the sector and the kind of speciality we want to provide to our customers."
With approximately 60% of its business coming from exports, and North America as a key market, Nash Industries stands to benefit significantly from the improved trade conditions. The company's leadership views the combination of the EU agreement and US settlement as a "twin deal" that will strengthen India's manufacturing export story across multiple sectors.
Avendus acted as the exclusive financial advisor to Nash Industries for this transaction, facilitating what industry observers see as a landmark deal in India's evolving manufacturing landscape.
