MC EXCLUSIVE ChrysCapital leads race for stake buy in Nash Industries valuing firm between Rs 6,000 cr-Rs 6,300 cr

ChrysCapital leads race for stake buy in Nash Industries valuing firm between Rs 6,000 cr-Rs 6,300 cr

Top home-grown private equity firm ChrysCapital has edged ahead of other peers and emerged as the lead contender to pick up a significant minority stake in contract manufacturing and engineering solutions provider Nash Industries which is in fundraise mode, multiple industry sources in the know told Moneycontrol on the condition of anonymity.

“ChrysCapital is the front-runner for the deal currently post submission of binding bids. It was a closely fought race and Temasek was among other players in the final leg of the ongoing process,” said one of the persons cited above.

A second person confirmed the same and added that the enterprise value for Nash Industries has been pegged between Rs 6,000 crore to Rs 6,300 crore for the proposed transaction ($676 million to $711 million).

“If talks proceed, final agreements between Nash Industries and ChrysCapital are likely to be signed in the coming weeks, followed by an official announcement,” a third person familiar with ongoing discussions said.

An email query sent to Nash Industries was left unanswered at the time of publishing the article. Reminders have been sent and this article will be updated as soon as we hear from the firm.

When contacted, ChrysCapital and Singapore investment major Temasek declined to comment.

On September 10, Moneycontrol had reported that Nash Industries was looking to dilute around 30 percent to 40 percent stake and raise growth capital for capacity expansion with investment bank Avendus Capital advising the firm on the proposed fundraise. The report had mentioned that Carlyle and ChrysCapital had held talks for the deal.

ChrysCapital recently announced the successful closure of its latest fund, ChrysCapital X, at $2.2 billion on November 5. The development set a new record for the largest private equity fund ever raised by an India focused firm.

Set up in 1971, Bengaluru based manufacturing solutions provider Nash Group has capabilities in design, precision sheet metal stamping, fabrication and assemblies according to its website. The firm has presence in sectors ranging from auto, banking hardware and aerospace to healthcare, display systems and defence and also has facilities in Pune and Chennai. It is managed by Sanjay Wadhwa and Sandeep Wadhwa.

Elaborating on the clients and operating performance of Nash industries, an April 30 Crisil report said, “The group has established clientele, which includes reputed customers in both auto and non-auto sectors and diversified end-user industries and geographical presence mitigate the impact of slowdown in a particular segment and region. The operating performance of fiscal 2025 was driven by revenue growth of 35% year-on-year which mostly caters to established customers in banking, renewables and automobiles.”

Interestingly, Nash Industries has also set up a Lithium Ion phosphate cell manufacturing plant with a capacity of 600 MW, which was operational from Q3FY25 and is expected to generate revenue in fiscal 2026 with customer acquisition on going.