Zetwerk acquires three firms to boost industrial business for Rs 100 cr

New Delhi: Manufacturing unicorn Zetwerk has acquired three companies for Rs 100 crore to strengthen its industrial vertical business in the oil and gas, aerospace, defence, and infrastructure component segments, the company said on Thursday.

The company has acquired Pinaka Aerospace Solutions for aerospace and defence manufacturing capabilities, majority stake in SharpTanks to increase Zetwerk's exposure to the oil and gas industry and 100 per cent stake in The Wardha fabrication unit of Wheels India's to tap into a USD 1.5 billion market comprising the manufacturing of critical fabricated parts for power, roads, and railways.

"Zetwerk and Pinaka have a history of working together, and we are confident that our combined capabilities will help shape the aerospace and defence industry as we bring back demand for Indian manufacturing from global OEMs.

"As we scale and expand further, we will look to add more homegrown manufacturing companies into our portfolio to grow our business," Zetwerk Manufacturing Businesses co-founder and CEO Amrit Acharya said.

The company provides communication solutions to Indian defence units, government research facilities like Defence Research and Development Organisation (DRDO) and the Indian Space Research Organisation (ISRO) and enterprise clients like Carlisle, Tata, AVTEC, BEL, and HAL, among others.

Zetwerk has acquired a majority stake in the company through a deal that was a mix of equity and cash.

The acquisition of SharpTanks will increase Zetwerk's exposure to the oil and gas industry.

SharpTanks brings in design, fabrication, commissioning of equipment and structural works to serve clients in the Oil & Gas, petrochemicals, fertilisers and chemicals industries.

With this takeover, Zetwerk will become one of the seven companies in the country operating in this space, Acharya said.