Kotak Alts Invests Rs 1,200 Cr in Ace Designers

Mumbai, Apr 30 (PTI) Kotak Alternate Asset Managers (Kotak Alts) on Wednesday announced a Rs 1,200-crore investment in CNC machine maker Ace Designers.

The funding will help the 1979-founded company set up a new manufacturing plant, and expand product portfolio and international footprint, it said in a statement.

ADL began as a design-consulting firm and over the years has grown to become India's largest manufacturer of CNC turning centres and machining centres, it said, adding that the turnover is anticipated to touch Rs 2,400 crore in FY25.

"We are bullish on the Indian manufacturing theme and the Ace team, with its entrepreneurial and engineering first spirit, has been working on building India's manufacturing eco-system for the past four decades," Kotak Alts' Managing Director Eshwar Karra said.

ADL has a capacity of 8,000 turning centres and 3,400 machining canters, and also sells in other countries across Asia, Australia, the Middle East, North and South America, and Europe.

The company's promoter, SG Shirgurkar, said the investment will be a catalyst that will help investing in technology, capacity, and talent.