Argus Partners is pleased to announce that it has advised India Resurgence Fund in connection with the financing of the acquisition of the iron casting and machining business of Ashok Iron Works Private Limited and its related entities.

India Resurgence Fund (IndiaRF) is a leading India-focused platform dedicated to investing in special situations, owned and managed as a 50:50 joint venture between Piramal Group (Piramal) and Bain Capital’s Special Situations team (Bain Capital). IndiaRF provides attractive, long-term, risk-adjusted returns to investors primarily by making control investments either in under-invested or stressed mid-market companies across diverse sectors. The fund targets to invest across a wide range of sectors, from core manufacturing to consumer focussed businesses to export-oriented and infrastructure sectors, where business transformation can be achieved through recapitalisation and operational strategies, leveraging the strong competitive positioning of these companies.

Ashok Iron Works is a company founded in 1974 and a manufacturer of machined iron castings, with an integrated casting and machining platform in Belagavi, Karnataka. The Company operates four foundries with an aggregate capacity of 144,000 MTPA and seven machine shops capable of producing approximately 600,000 parts annually. It manufactures engine blocks, engine heads and transmission housings ranging from 20 kg to 5,000 kg, across 1-cylinder to 18-cylinder configurations, serving the industrial engines, farm equipment and automotive sectors. The Company has established long-standing relationships with leading global and domestic OEMs and is a single-source supplier across several large-engine-block categories, supported by its strong design, manufacturing and integrated casting and machining capabilities. 

The deal team at Argus Partners consisted of Aastha, Aseem Dhawan (Partners) and Surabhi Smita (Associate).