Opportunities Fund (TOF), the flagship private equity fund of Tata Capital, is
investing Rs 300 Crore (USD 50 million) in Varroc Engineering Private Limited,
the holding company of the Varroc Group, according to a company statement. With
over Rs 6,900 Crore (USD 1.15 billion) in revenue, Varroc is a leading Indian
auto component manufacturer with a large global presence.
group’s domestic businesses are geared towards two-wheel segments with a strong
presence in plastics and polymers, metallic parts and electrical components.
Over half of the group’s revenue accrues internationally where it is among the
global leaders in automotive lighting systems for passenger vehicles. Varroc
had acquired the global automotive lighting business of Visteon (formerly a
division of Ford) in 2012.
Apart from 21 manufacturing plants in all
major auto hubs across India, Varroc has a global manufacturing foot-print in
low cost countries spanning Mexico, China and the Czech Republic. The group has
marquee clients including Jaguar Land Rover, Ford, Tesla, GM, Volkswagen,
Bentley and Nissan in the global market and players such as Bajaj, Honda,
Yamaha, Hero, Royal Enfield, Mahindra and Tata Motors in the domestic market.
Varroc Group is led by Tarang Jain, a first generation entrepreneur, supported
by strong professional management teams in India, North America, Europe and
on the occasion, Tarang Jain, founder and Managing Director of Varroc said, “We
are delighted to embark on the next stage of our journey towards 2020 with a
reputed partner. I am sure my team will be able to leverage the intellectual
and infrastructural network provided by our partners in advancing the strategic
agenda of the company and create value for all stake-holders. The Tata
Opportunities Fund and its team of investment and operating professionals, not only
bolster us financially, but also provide us a strategic spring-board which
enables us leapfrog into the next cycle of our growth”.