Zetwerk to make three acquisitions to strengthen manufacturing capabilities
Contract manufacturing unicornsays it has agreed to acquire three companies in oil and gas, aerospace and defence and ancillary components space to bolster its manufacturing capabilities.
The total value of the three strategic acquisitions stands at approximately Rs 100 crore.
The company has acquired Pinaka Aerospace Solutions for aerospace and defence manufacturing capabilities through a deal that was a mix of equity and cash.
Pinaka provides communication solutions to Indian defence units, government research facilities such as DRDO (Defence Research and Development Organisation) and ISRO (Indian Space Research Organisation) and enterprise clients like Carlisle, Tata, AVTEC, BEL (Bharat Electronics Limited), and HAL (Hindustan Aeronautics Limited), among others.
By leveraging Pinaka’s capabilities, Zetwerk can cater to the manufacturing needs of established public and private sector enterprises, the company said in a press release.
“Zetwerk and Pinaka have a history of working together, and we are confident that our combined capabilities will help shape the A&D (aerospace and defence) industry as we bring back demand for Indian manufacturing from global OEMs (original equipment manufacturers). As we scale and expand further, we will look to add more homegrown manufacturing companies into our portfolio to grow our business,” said Amrit Acharya, Co-founder, Zetwerk Manufacturing Businesses.
The unicorn has also acquired a majority stake in SharpTanks to increase Zetwerk's exposure to the oil and gas industry and a 100 percent stake in The Wardha fabrication unit of Wheels India to tap into a $1.5 billion market comprising the manufacturing of critical fabricated parts for power, roads, and railways.
The digital manufacturing unicorn expanded its manufacturing capabilities through the recent commissioning of a new factory in Noida for wearable and hearable devices. In addition, it has strengthened its product range, team and customer base with the larger objective of foraying into more unique markets and businesses.