• Norwest Venture Partners is reportedly in advanced discussions to acquire a minority stake in Indian automotive components maker Padmini VNA Mechatronics Ltd. This potential investment comes as Padmini VNA is undertaking a fundraising exercise after a 17-year gap since its last external equity capital raise.
• The deal value is anticipated to be between $60-70 million (approximately Rs 544-635 crore). While strategic players, including Indian auto parts makers, had shown interest, Padmini's founders are reportedly not looking to cede a controlling stake in the company.
• Padmini VNA, founded in 1991, supplies a range of components for various vehicle types, including solenoid valves, vacuum pumps, and actuators. The company reported consolidated revenue of Rs 981 crore and a profit after tax of Rs 142.9 crore in FY25, showing significant growth from the previous year.
• This investment activity occurs despite a slowdown in the auto components sector due to US import tariffs, though the sector has seen considerable interest from institutional investors earlier in the year. Other private equity firms like Carlyle and Bain Capital have also been active in the Indian auto component market.

Debjyoti Roy

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