Latest News | Azad Engineering Raises $20 Million in First Round
Get latest articles and stories on Latest News at LatestLY. : Azad Engineering, a city-based precision engineering firm, on Monday said it has successfully closed its first round of funding of USD 20 million from DMI Management.
Hyderabad, June 14 (PTI): Azad Engineering, a city-based precision engineering firm, on Monday said it has successfully closed its first round of funding of USD 20 million from DMI Management.
Azad Engineering would utilise the funds in setting up its second manufacturing facility here with an investment outlay of USD 80 million over the next 36 months, a press release said.
DMI Management is backed by New Investment Solutions - a Liechtenstein-based asset management firm with an investment of USD 2 billion globally in equity, debt, and alternative assets.
The companys new lean facility would be spread across 50 acres allotted by Telangana State Industrial Infrastructure Corporation (TSIIC).
Upon successful operationalisation of the facility, the manufacturing capacity would be expanded to deliver increased capability to aerospace and energy partners, it said.
The expansion plan gives a boost to execute the large order book of USD 250 million secured for the next five years.
Azad stands as a qualified Tier-1 partner to the world leading OEMs such as GE, Mitsubishi, Siemens, Toshiba, MAN, Doosan Skoda, GE Aviation, Boeing, Honeywell, Eaton, Rafael, BHEL, HAL, and Baker Hughes, among others.
The focus of Azad Engineering is on deepening localisation of its best-in-class technology, enabling knowledge-sharing and skilling of more than 1500 people in the local market. The company is expected to grow at a CAGR of 50 per cent over the next five years with an impressive and a sustainable bottomline, Azad Engineering founder Rakesh Chopdar said.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)