Azad Engineering closes $20 million funding round

HYDERABAD: Hyderabad-based precision engineering player Azad Engineering on Monday said it has closed its first round of funding of $20 million from DMI Management. DMI Management is backed by New Investment Solutions - a Liechtenstein-based asset management firm with an investment of $2 billion globally in equity, debt, and alternative assets.
The company will utilise the funds in setting up its second manufacturing facility spread over 50 acres in Hyderabad at an investment of $80 million over the next three years.The expansion plans will help the company execute its order book of $250 million over the next five years.
Azad Engineering is a manufacturer of critical rotating components for niche turbine and aerospace industry used for power generation and aircraft OEMs.
Azad Engineering founder Rakesh Chopdar said, “The company is expected to grow at a CAGR of 50% over the next five years with a sustainable bottom line.”