360 ONE Asset Management Limited (formerly known as IIFL Asset Management Limited) ("360 ONE AMC") has committed to invest ~USD 16 million in CoreEL Technologies (India) Private Limited (CoreEL), a leading Technology Development, Systems Engineering and State of the Art Products Manufacturing Company focusing on Aerospace & Defence segment towards a minority stake. The funds will be utilized to accelerate CoreEL's growth plans including R&D, new products development, augmenting manufacturing capacity and other initiatives.
Headquartered in Bangalore, CoreEL designs, manufactures and supplies advanced electronic products and complex systems to Indian Aerospace & Defence Industry including Ministry of Defence. Its products have been deployed in India's next-generation Radars, Missiles, Electronic Warfare, Avionics and SONARS, amongst others. It has received awards and recognition from Ministry of Defence (MOD), Defence Research and Development Organization (DRDO), and Industry Associations for its innovative products and processes. CoreEL is run by an exceptional management team with extensive qualifications, vast experience, and impressive contributions to this Industry.
Speaking on this occasion Vishwanath Padur, Managing Director, CoreEL Technologies, said, "CoreEL has evolved to become a world-class Electronic Product/Systems Development company, having delivered several critical electronic modules and sub-systems to DRDO, MOD and Overseas customers. We are further working to develop some of the most advanced Electronic Systems for many strategic programs. We are excited to have received this investment from 360 ONE AMC, one of India's leading Private Equity asset managers, with their experience across all aspects of helping a growing company. This investment will allow us to further accelerate our growth plans, including augmenting manufacturing capacity, and strengthen our ability to participate in large Aerospace & Defence programs."
Said, Nidhi Ghuman, Senior Executive Vice President - 360 ONE AMC, "We are excited about the opportunity enfolding in the Indian Defence sector. Government policies such as Atmanirbhar, DAP 2020 are placing greater emphasis on self-reliance and indigenization and hence, bringing a tectonic shift in the industry structure and opportunities available for private enterprises in the country. CoreEL has built strong domain capabilities in several areas of defence electronics. Over the last decade, CoreEL has made significant investments in designing, developing and manufacturing products for the Indian defence & aerospace sector. We are excited about partnering CoreEL's founders and management team as they embark on this transformational journey to become the most valuable partner to the Indian defence & aerospace industry."