India Resurgence Fund (IndiaRF), an India-focused investment platform promoted by Piramal Finance Limited and Bain Capital, has acquired a majority stake in Fine Edge Engineering Private Limited, which houses the iron casting and machining business of Ashok Iron Works and its related entities, collectively referred to as the Ashok Iron Works Group.

Founded in 1974, the Ashok Iron Works Group manufactures machined iron castings through an integrated casting and machining platform in Belagavi, Karnataka. The company operates four foundries with a combined capacity of 144,000 MTPA and seven machine shops capable of producing 600,000 parts annually.

The company manufactures engine blocks, engine heads and transmission housings weighing between 20 kg and 5,000 kg. It is one of the few players capable of manufacturing machined engine blocks across 1-cylinder to 18-cylinder configurations. Its products serve diversified end markets, including industrial engines, farm equipment and automotive applications.

The company has developed long-standing relationships with global and domestic OEMs and is a single-source supplier across several large-engine-block categories. Its competitive position is supported by strong design and manufacturing capabilities, enabling the production of complex, large-format castings.

Its integrated casting and machining setup further strengthens its ability to support customers through new product development and capacity expansion.

Shantanu Nalavadi, Managing Director of IndiaRF, said: “IndiaRF is excited about the Company’s growth potential and sees significant opportunities to further strengthen its capabilities and scale the business. We will support the business through investments in capacity expansion, R&D, new product development and operational excellence, while building on its long-standing customer relationships. The Company is also well positioned to benefit from growing demand for high-horsepower engine applications, particularly as the global data centre build-out accelerates.”

Jayant Humbarwadi, Joint Managing Director of Ashok Iron Works Group, said: “Over the past four decades, we have built a strong position in the iron casting and machining industry, supported by long-standing customer relationships, strong R&D capabilities and a focus on meeting our customers' evolving requirements. We are a single- or dual-source supplier to most of our customers and are pleased to partner with IndiaRF, whose experience in transforming businesses will support the Company's next phase of growth.”

Investec acted as the exclusive sell-side adviser to the Ashok Iron Works Group and its shareholders.