Sintercom India raises Rs 222 mn from its promoter entity Miba
Mumbai / Pune, March 05, 2021: Sintercom India Limited (Company), a Pune based company, has announced that it has completed the raising of funds on a preferential private placement basis in the form of equity shares and compulsory convertible debentures (CCDs) from one of its promoters Miba Sinter Holding GmbH & CO KG (Miba), for an aggregate amount of approximately INR 222 million, after taking the necessary approvals from the Board, shareholders and other regulatory bodies.
The proceeds of the preferential issue will be used to help facilitate the Company with additional funds necessary for acquisition of capital goods and machinery, operation and management of the Company with approximately INR 90 million earmarked towards acquisition of capital machinery.
Announcing on the completion of the preferential issue, Mr. Hari Nair, Chairman, Sintercom India Ltd. said, “The additional investment by Miba in our company, emphasises the confidence by our partner in the strength and future growth potential of our company. The funds will help manage the immediate working capital requirements but also look at larger and new business opportunities not only in the domestic markets but also globally. The increasing importance of India as a manufacturing partner in technologically advanced products is clearly visible from the current market trends. We expect to draw on the experience and expertise of Miba to bring in new technologies and business opportunities to Sintercom resulting in long term growth and value creation for its shareholders.”
About Sintercom India Ltd.
Established in 2007, Sintercom India Limited is one of the leading automotive sintered components manufacturer located in Pune, India. The company specialises in manufacturing medium to high-density sintered components for automotive engine, powertrain and exhaust systems. The company also manufactures sensor components that cater to global markets. The product portfolio includes drivetrain gears, engine sprockets, pulleys, crankshaft bearing journals, transmission gears and synchro hubs, as well as ABS rings and Sensor Hego bosses and flanges. Sintercom provides its esteemed customers with high-volume, high-precision and low-cost components, tailored to their specific requirements. This is ensured by leveraging the integrated manufacturing facility adhering to rigorous quality standards. The engineering and development centre, and a well-equipped, in-house quality lab help us achieve these goals better. The company believes in adding value to their customer’s business and always puts their needs in focus.
Sintercom had entered into a technology agreement with Miba Sinter for various new technologies as may be required in the domestic market. The plant has been designed to suit the said technology. The products using these technologies have demand in Indian market.
About Miba
Miba Sinter Holding GmbH & CO KG, which is part of the global Miba group, has track record of more than five decades in sintered technology. Miba group is one of the leading strategic partners to the international engine and automotive industries, from providers in the fields of energy generation and transmission, in the oil and gas industry as well as in plant engineering. The product portfolio includes sintered components, engine and industrial bearings, friction materials, power electronics components and coatings, used around the world in motor vehicles, trains, ships, aircraft, power plants, refineries, compressors and industrial pumps