Azad Engineering, a Hyderabad-based Precision Engineering company, has closed its first round of funding of $20 million from DMI Management.
DMI Management is backed by New Investment Solutions — a Liechtenstein-based asset management firm with an investment of $2 billion globally in equity, debt and alternative assets.
Azad Engineering plans to utilise the funds to set up its second manufacturing facility at Hyderabad with an investment of $80 million over the next 36 months. The company’s new facility spread across 50 acres allotted by Telangana State Industrial Infrastructure Corporation (TSIIC).
The expansion will help deliver increased capability to Aerospace and Energy partners and help execute the order book of $250 million secured for the next 5 years. Established in 2008, Azad Engineering is a qualified Tier 1 partner to some of the leading OEMs such as GE, Mitsubishi, Siemens, Toshiba among others.
Azad Engineering founder Rakesh Chopdar said, “Given the current industry outlook, Azad is set to witness rapid ramp-up in the top line with each of its clients given the qualification process already completed. The company expects to grow at a CAGR of 50 per cent over the next 5 years with a sustainable bottom line.”
Anshuman Malur, Portfolio Manager, DMI Management Services, said, “Azad is amongst a handful of Indian engineering companies that can manufacture at high levels of precision. The quality of its global customer roster is a testament to its excellence. We are excited to partner with Azad for the next stage of its growth.”
Jayesh Ranjan, Principal Secretary, Industries & IT, Telangana, said, “Telangana is proud to support Azad Engineering and create a precision engineering cluster which will create around 1,500 jobs for highly skilled people in Hyderabad to leverage and grow existing aerospace industry cluster.”