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Wednesday, Aug 23, 2006

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Endurance raises Rs 150 cr

Our Bureau

Mumbai , Aug. 22

Endurance Technologies Private Ltd (Endurance), an auto component company, has raised Rs 150 crore through private equity financing from Standard Chartered Private Equity Ltd. Endurance is the sixth investment in India-based companies by Standard Chartered Pvt Equity Ltd and the 17th investment for the fund.

Commenting on the development, Mr Anurang Jain, Managing Director, Endurance,, said, "The support and funding that we have received from Standard Chartered Private Equity Ltd has put the company in a strong position to rapidly capture the global market opportunity in the auto component sector. Standard Chartered Private Equity Ltd's long-term commitment to India and their ability to add value to us on multiple dimensions are the reasons we chose them."

Consequent to the investment, Mr Nainesh Jaisingh, India Head, Standard Chartered Private Equity Ltd, has been inducted on the Board of Endurance. He said, "Endurance has built a great business franchise by assembling a first class management team and aggressively chasing growth opportunities globally, while constantly improving quality and trimming costs. We are convinced that Endurance is well poised to grow and become one of the leading auto components companies inAsia."

Endurance's core businesses are in Aluminum die cast auto components, suspension systems, transmission systems, braking systems and alloy wheels.

More Stories on : Venture Capital | Automobile Components

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