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Context is everything.
Detailed stories on technology startups, business and economic current affairs.
Detailed stories on technology startups, business and economic current affairs.
The Coimbatore-based, nearly 40-year-old, light engineering company has rejigged priorities and entered new lines of business. Next stop: $1 billion in revenue.
In June, the government of Singapore, which is India’s biggest overseas institutional investor, bought a 1.46% stake in Coimbatore-based Craftsman Automation. It paid Rs 4,400 for a Rs 5 paid-up share, valuing the company at Rs 10,480 crore. The subscription itself was part of a Rs 1,200 crore fundraise from qualified institutional buyers.
The news did not make the splash it ought to have.
That’s because Craftsman’s business—centred around making parts on contract for automotive internal combustion engines and providing engineering solutions—is perceived as a middling business that has been around for nearly four decades and which, until 2017, had …
Temasek is largely considered a sovereign wealth fund because it is set up by the Singapore government and invests in other companies. However, a few factors set it apart from other state investors.
