Mauritius-based foreign venture capital investor New York Life Investment Management India Fund (NYLIM India Fund) has injected USD 12 mn as equity investment into Bajaj Motors Ltd (BML).
Commenting on the deal, BML Chairman-cum-Managing Director V P Bajaj said, “The NYLIM India Fund will help the company to expand organically as well as through potential mergers and acquisitions. Their investment validates the strength of our business.”
In a statement issued here today, Bajaj further said that the fund will be used to finance expansion of manufacturing capabilities in the existing machining, forging and casting units and to set-up two integral manufacturing plants in Uttarakhand for Hero Honda and Tata Motors.
Jacob Ballas Capital India Pvt Ltd (JBC) is the investment advisor to NYLIM India Fund and its partner Bharat Bakhshi has joined the BML Board of Directors.
Source : Zeenews