Carlyle Acquires Majority Stake in Highway Industries and Roop Automotives

Carlyle, a global investment firm, has acquired a majority stake in Highway Industries Limited and Roop Automotives Limited, expanding its presence in India's auto components sector. The investment comes from Carlyle Asia Partners.

Announced on February 13 in Mumbai and New Delhi, the deal merges two manufacturers of forged and precision-machined components for electric, hybrid, and conventional vehicles. The combined company operates 12 manufacturing plants and 14 international warehouses, supplying 1,500+ products to 55 customers in 17 countries.

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The founders of both companies will keep stakes in the new entity. Mohit Oswal from Roop will be the non-executive chairperson, and board members include Mark Blaufuss from Carlyle and Kishore Saletore, former CFO of Bharat Forge.

Amit Jain, Managing Director and Head of Carlyle India Advisors said: “We believe India offers a tremendous opportunity in the advanced manufacturing sector, particularly in the auto components supply chain for both domestic and export markets. In our view, this provides a large-scale opportunity for the Platform. We are excited to partner with Highway and Roop to build this Platform.”

“Our partnership with Carlyle and Highway makes us even stronger and allows us to provide holistic solutions to our customers and value-add to all stakeholders,” said Mohit Oswal, Managing Director of Roop.

Umesh Munjal, Managing Director of Highway said, “With Carlyle’s investment and the partnership with Roop, I am confident that we will deliver on our collective commitment to drive innovation and broaden offerings for our clients."

Carlyle acquired the companies through a private deal, with funding from Carlyle Asia Partners (CAP). The combined company, called the Platform, will gain from Carlyle’s expertise and resources. Carlyle also plans to invest further in the auto components sector and add complementary businesses to the Platform.

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