11/22/2010
HEADLINES
India’s Deepak Fasteners Using German Investment for Expansion
A Germany-based financial institution has acquired a minority stake in India’s Deepak Fasteners Ltd.
The investment by DEG, a member of KfW Bankengruppe of Köln, Germany, will be used for expansion.
Deepak is a manufacturer of specialty industrial fasteners primarily owned by the Kalra family.
The DEG investment follows a $15 million Banyan Tree Growth capital LLC equity fund investment earlier in 2010.
“Deepak’s products support a wide range of high growth key infrastructure industries and we believe the company is in a good position to capitalize on the opportunities offered by the next round of growth in India and elsewhere,” DEG investment manager Amit Goyal told reporter Deeshesh Chheda of dealcurry.com. Goyal predicted the DEG investment would generate employment and help Deepak “establish itself as a global player.”
In 2008, DFL acquired the Unbrako fastener brand and a Shannon, Ireland plant from U.S.-based SPS Technologies, a subsidiary of Precision Castparts. Unbrako is a well-known brand in fasteners and is used in F1 racing.
DEG has been investing in India since 1964. It’s India portfolio currently totals EUR 380 Mn spread across 42 companies in multiple industries.
Founded in 1959, Deepak manufactures bolts, nuts and washers. Deepak has facilities in Ireland, the UK, Australia, Canada and the U.S. and is headquartered in Punjab, India. Web: deepakfasteners.com ©2010 GlobalFastenerNews.com
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