Sundaram Finance further invests €2 million into portfolio company Mind Srl

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November 03, 2021 2:48 AM

SF Holdings primarily operates as a holding company owning a portfolio of automotive businesses, including foundries, wheels, brakes, turbo chargers, axles, and distribution of spare parts.

The capital adequacy ratio stood at 23.4% (tier I at 16.3%) as on September 30, 2021 as compared to 19.3% (tier I at 13.7%).The capital adequacy ratio stood at 23.4% (tier I at 16.3%) as on September 30, 2021 as compared to 19.3% (tier I at 13.7%).

Sundaram Finance (SF Holdings) has planned for a further investment of up to €2 million into its portfolio company Mind Srl, Italy, which deals with carbon fiber components for the automotive industry in Europe. This investment is to augment working capital needs and invest further in growth.

SF Holdings primarily operates as a holding company owning a portfolio of automotive businesses, including foundries, wheels, brakes, turbo chargers, axles, and distribution of spare parts.

SF Holdings has also invested Rs 450 crore over the last year to buy out the foreign partners in two portfolio companies, Brakes India and Wheels India, which it had co-promoted.

Harsha Viji, director, SF Holdings said: “We continue to use the automotive industry down-turn to consolidate our portfolio, investing further into our companies and undertaking business restructuring to unlock synergies in our foundry business.” SF Holdings has taken steps to consolidate its investment in foundry business.

It has increased its shareholding in the foundry business Flometallic India Private. Flometallic has, in turn, filed a scheme of arrangement with the NCLT to merge its operations with those of Brakes India. Along with Dunes Oman (a subsidiary of Brakes India), this merger will create a combined foundry capacity of 1,75,000 tonne operating out of four locations – Sholingur, Naidupeta, Jagadia and the Sultanate of Oman.

This will create one of the largest ferrous casting businesses in the country and will increase the competitiveness of the foundry business as a whole, it said. SF Holdings has registered a standalone net profit of Rs 11.09 crore for the quarter ended September 30, 2021, an increase of 193% over Rs 3.78 crore for the corresponding period of the previous year.

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