360 ONE Asset Management Limited (formerly known as IIFL Asset Management Limited) (“360 ONE AMC”) has made a sizeable investment of roughly USD 16 million in CoreEL Technologies, a player in Technology Development, Systems Engineering, and Products Manufacturing for the Aerospace and Defence sector.
Targeting a minority ownership, this funding is anticipated to accelerate CoreEL’s growth trajectory through support of R&D, new product development, manufacturing capacity expansion, and other strategic objectives.
CoreEL Technologies is a Bangalore-based company that specializes in developing, producing, and providing sophisticated electronic goods and systems to the Indian Ministry of Defence and other sectors of the country’s aerospace and defence industry.
Advanced electronic warfare systems in India have used the company’s electronic solutions for SONARS, avionics, missiles, electronic warfare, and other applications.
For its cutting-edge products and procedures, CoreEL has received praise from esteemed organizations such as the Ministry of Defence (MOD), the Defence Research and Development Organization (DRDO), and other industry groups.
The CoreEL Technologies managing director, Vishwanath Padur, expressed excitement about the investment and the potential opportunities it presents.
Padur said, “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, “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.”
The faith in CoreEL’s expertise and the potential of India’s aerospace and defence industry is demonstrated by this important investment.
The partnership is expected to improve CoreEL’s standing in providing cutting-edge electronic solutions for important defence projects both domestically and abroad.