360 ONE Asset Management Limited (formerly known as IIFL Asset Management Limited) (360 ONE AMC) has committed to invest $16 million in CoreEL Technologies (India) Private Limited (CoreEL), an India-based technology development, systems engineering and products manufacturing company focusing on aerospace and defence segment.

The funds will be utilized to accelerate CoreEL’s growth plans including research and development (R&D), new products development, augmenting manufacturing capacity and other initiatives, CoreEL said in statement on Tuesday.

“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,

“This investment will allow us to further accelerate our growth plans, including augmenting manufacturing capacity, and strengthen our ability to participate in large aerospace and defence programs,” said Vishwanath Padur, Managing Director, CoreEL Technologies.

“CoreEL has evolved to become a world-class Electronic Product/Systems Development company, having delivered several critical electronic modules and sub-systems to DRDO, MOD and Overseas customers,

“We are further working to develop some of the most advanced electronic systems for many strategic programs,” he added.

Headquartered in Bangalore, CoreEL designs, manufactures and supplies advanced electronic products and complex systems to Indian aerospace and defence industry including Ministry of Defence.

Its products have been deployed in India’s next-generation Radars, Missiles, Electronic Warfare, Avionics and SONARS, amongst others.

“We are excited about the opportunity enfolding in the Indian defence sector,” said Nidhi Ghuman, Senior Executive Vice President of 360 ONE AMC.

According to him, 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.

“CoreEL has built strong domain capabilities in several areas of defence electronics. Over the last decade, CoreEL has made significant investments in designing, developing and manufacturing products for the Indian defence and aerospace sector,

“We are excited about partnering CoreEL’s founders and management team as they embark on this transformational journey to become the most valuable partner to the Indian defence and aerospace industry,” he added.

360 ONE AMC, part of 360 ONE, is one of India’s leading alternates asset management firms with overall alternate assets and public market mandates of more than $7 billion.

360 ONE Private Equity (PE) is a private equity business with an asset under management (AUM) of approximately $2.5 billion and investment strategies extending from mid-stage venture capital to pre-initial public offering (IPO) investments.

360 ONE PE has backed several market-leading companies with a focus on healthcare, technology, financial services and consumer industries.

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