Mumbai: Private equity fund Paragon Partners, along with co-investors, is investing 111 crore in Maini Precision Products Ltd (MPPL) through a mix of primary and secondary transactions, the firm said in a press release.

MPPL is a Bengaluru-based manufacturer and supplier of high-precision engineering components and assemblies catering to the global automotive, industrial and aerospace sectors.

Maini Precision was set up in 1973 by Sudarshan Maini and Chetan Maini. The duo set up Reva Electric Car Co. Pvt. Ltd, a joint venture with the US-based Amerigon Electric Vehicle Technologies Inc., which manufactured and launched Reva, India’s first commercial electric car. In 2010, they sold Reva Electric to Mahindra and Mahindra Ltd.

On 1 August, Mint reported that Maini Precision was in talks to raise funds from private equity funds and that the company might postpone its plans to go public.

Maini Precision had filed its draft red herring prospectus with Securities and Exchange Board of India (Sebi) in September.

“We have been closely following the manufacturing and industrials sector in India and are very excited about our partnership with Maini. 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. MPPL enjoys stellar brand equity built over four decades, deeply entrenched relationships and an excellent track record with customers," said Siddharth Parekh, co-founder and senior partner at Paragon Partners.

Maini Precision has six manufacturing facilities and one storage facility in industrial zones in and around Bengaluru. It is in the process of setting up a new manufacturing facility in the Karnataka capital.

IIFL Holdings Ltd acted as the sole transaction adviser to MPPL while Ernst & Young, IndusLaw and TriLegal advised the company on legal and other areas.

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