New Delhi, Dec. 17 -- True North's private credit vertical has invested Rs 75 crore (around $8.3 million) in aerospace and defence firm Samtel Avionics, according to a press note.
The investment also includes a green shoe option of Rs 140 Crore (around $15.5 million).
The Gurugram-based company will utilise the funding to fuel growth, expand manufacturing capacity, adopt advanced accelerate research and development, expand manufacturing capacity, and adopt advanced indigenous technologies for mission-critical applications.
"It (the investment) not only validates our technological capabilities but also reinforces our commitment towards building world-class, indigenous solutions for mission-critical applications across defence, aerospace, and emerging domains like satellites and unmanned systems (UAVs)," Puneet Kaura, managing director and chief executive officer, Samtel Avionics said in the note.
Samtel Avionics, which is a part of the consumer-electronics maker Samtel Group, provides advanced and rugged electronic systems for defence, aerospace, and railways. The company offers end-to-end capabilities spanning design, development, manufacturing, testing, and lifecycle support for mission critical platforms.
Samtel is also expanding into unmanned aerial vehicles and satellite systems.
True North is a home-grown private equity firm that focusses on investing in mid-sized profitable businesses. The firm forayed into private credit in 2022. True North's 'Performing Credit Regular Income Fund' has raised over Rs 2,000 crore having completed 23 investments, 11 successful exits, and three partial exits.
Published by HT Digital Content Services with permission from VC Circle.