Manufacturing unicorn Zetwerk has acquired three companies for Rs 100 crore to strengthen its industrial vertical business in the oil and gas, aerospace, defense, and infrastructure component segments, the company said on Thursday, according to PTI report.
The company acquired Pinaka Aerospace Solutions for aerospace and defense manufacturing capabilities, bagged a majority stake in SharpTanks to increase Zetwerk’s exposure to the oil and gas industry, and bought a 100% stake in the Wardha fabrication unit of Wheels India to tap into a $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. We are confident that our combined capabilities will help shape the aerospace and defense industry as we bring back demand for Indian manufacturing from global original equipment manufacturers (OEMs),” Zetwerk Manufacturing Businesses co-founder and CEO Amrit Acharya said.
“As we scale and expand further, we add more homegrown manufacturing companies into our portfolio.”
Zetwerk has acquired a majority stake in SharpTanks in a mix of equity and cash. SharpTanks brings in design, fabrication, commissioning of equipment and structural works to serve clients in the Oil & Gas, petrochemicals, fertilisers and chemicals industries.
With these acquisitions, Zetwerk will become one of the seven companies in India to operate in this space, Acharya said.
