coreel technologies: CoreEL Technologies raises $16 million from 360 One Asset

Financial services firm 360 One Asset Management, formerly known as IIFL Asset Management, said on Tuesday it will invest $16 million (about Rs 133.4 crore) in CoreEL Technologies.

The funds will be used to accelerate CoreEL’s growth plans, including research and development, new product development and augmenting manufacturing capacity, the statement said.

Bengaluru-headquartered CoreEL Technologies, founded in 1999, designs, manufactures and supplies advanced electronic products and complex systems to India’s aerospace and defence industry, including the defence ministry.

The company’s products have been deployed in India’s next-generation radars, missiles, electronic warfare, avionics and Sonars, short for sound navigation and ranging, among others, said the statement.

“We are further working to develop some of the most advanced electronic systems for many strategic programmes. We are excited to have received this investment from 360 ONE AMC, one of India’s leading private equity asset managers, with their experience across all aspects of helping a growing company,” said Vishwanath Padur, managing director, CoreEL Technologies.

Nidhi Ghuman, senior executive vice president, 360 One AMC, said, “We are excited about the opportunity enfolding in the Indian defence sector. Government policies such as Atmanirbhar, DAP 2020 are placing greater emphasis on self-reliance and indigenization and hence, bringing a tectonic shift in the industry structure and opportunities available for private enterprises in the country.”

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