Temasek, others eye minority stake in Nash Industries for $150 million
Nash Industries' first institutional fundraising will see it sell around a 25-30% stake
MUMBAI : Singapore’s state investor Temasek is eyeing a minority stake in Bengaluru-based auto components maker Nash Industries, which is looking to raise $120-150 million from private equity investors, according to three people close to the development.
The company's first institutional fundraising will see it sell around a 25-30% stake, the people added.
“Temasek (Holdings Pte Ltd) is also in talks and is likely to put in a bid," the first person said, adding that the Carlyle Group and ChrysCapital, among others, are also in the fray.
Moneycontrol first reported on 10 September that Nash Industries India Pvt. Ltd was in talks with the two PE firms to raise up to $200 million.
“Auto components and precision engineering are high-growth segments and Temasek is betting big on them," the first person added.
Investment bank Avendus is helping the company with the fundraising. “There are other PE players too in the race," the second person said.
While Avendus, Carlyle, and Temasek declined to comment, Mint's emailed queries to ChrysCapital and Nash did not elicit a response until the time of publishing.
Nash Industries, a provider of contract manufacturing and engineering solutions, was established in 1971. According to an April 2025 ratings release by Crisil, it manufactures engineering assemblies and precision parts for aerospace, automotive, automated teller machines (ATMs), alternative energy, power protection, electrical, and other industries.
Sanjay Wadhwa and Sandeep Wadhwa manage the company that derives nearly 60% of its revenues from its top five customers.
However, Crisil highlighted that diversification into new segments, such as clean energy, will help the company reduce its customer concentration.
For the financial year ended 31 March 2024, it reported an operating income of ₹1,235.01 crore, as against ₹1,116.34 crore a year ago. It reported a profit after tax of ₹76.68 crore in 2023-24, as against ₹93.93 crore in 2022-23, according to the report. It is yet to file its 2024-25 financials.
Renewed interest
The planned fundraise follows rising PE interest in profitable businesses in areas such as manufacturing, driven by the government’s Make-in-India push and the need to create a diversified and resilient supply chain.
Bengaluru-based semiconductor firm Tessolve raised $150 million led by TPG Growth earlier in September.
Other prominent deals in the sector include Bain Capital’s investment in Aurangabad-based automotive component manufacturer Dhoot Transmission in January. Before that, Bain Capital in November 2024 announced a strategic partnership with RSB Transmissions, a global manufacturer of automotive, construction, and off-highway equipment systems.
Mint reported in September 2024 that Carlyle was looking to set up a $400 million platform in India to acquire and merge auto component makers.
In 2024, venture capital and growth investments in the country surged ~40% to ~$14 billion, fueled by a sharp rise in deal volumes, consultancy firm Bain & Co. said in a report earlier in 2025. It highlighted that traditional sectors such as real estate and infrastructure, financial services, healthcare led by medtech transactions, pharma and contract development manufacturing organizations attracted substantial capital.
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