ChrysCapital has acquired a significant minority stake in Bengaluru-based Nash Industries, an electronics manufacturing services (EMS) and design-led precision manufacturer. However, the financial terms were not disclosed yet.
Deal Contours & Valuation
While neither side revealed numbers, people aware of the matter indicated ChrysCapital has picked up about 30% at a valuation of roughly INR 6,000 crore. The transaction underscores the private equity firm’s continuing tilt towards high-growth, technology-intensive manufacturing platforms. Avendus Capital acted as financial adviser to Nash Industries in the fundraising, according to the report.
Nash Industries: Overview
Founded in 1971, Nash provides full‑suite design and manufacturing solutions with integrated box‑build capabilities and operates more than 15 manufacturing units across South and West India. Management has said the business has diversified across banking hardware, power solutions, data‑centre products, renewable energy and automotive, with around 60% of revenue linked to exports.
A long‑running collaboration with Intel—under which Nash designs and manufactures industrial motherboards in India—anchors its push into high‑reliability electronics. The company has indicated that revenues have quadrupled over the past five years and, as of FY25, were in the INR 1,500–1,600 crore range.
“Our partnership with ChrysCapital is a strong endorsement of our platform and will help us scale faster, deepen technological capabilities and respond to customer needs with greater agility,” said Sanjay Wadhwa, chairman, Nash Industries.
“Nash’s integrated capabilities across mechanical, electrical, electronics and design position it well to serve next‑generation sectors, including high‑growth areas such as artificial intelligence and clean energy,” said Raghav Ramdev, managing director, ChrysCapital.
Manufacturing Pivot & Outlook
Executives at Nash have framed the deal as a turning point amid shifting supply chains, “China‑plus‑one” sourcing and a renewed Make‑in‑India push, with the capital earmarked to strengthen systems, leadership and global reach. The company has indicated it will prioritise capability building and selective expansion to deepen access to overseas customers.
For ChrysCapital, the investment adds to a string of deals in Indian manufacturing and industrial technology, aligning with the firm’s stated strategy to “go long” on domestic manufacturing from its latest fund. Execution on export ramp‑up and customer concentration remain watch factors as the platform scales.
Market Context
Recent deal momentum in India’s electronics and value‑added industrials—from semiconductor design services to auto‑component platforms—suggests steady investor appetite for assets with export linkages and systems integration depth. Nash’s footprint across 15‑plus sites, rising share in data‑centre and clean‑energy hardware, and blue‑chip customer base position it to benefit if offshore diversification stays on track.
Chrys Capital Stake in Nash Industries: At a Glance
- Investor: ChrysCapital; picked 30% stake
- Implied valuation: ~INR 6,000 crore; stake about 30%.
- Company: Nash Industries; EMS and design‑led precision manufacturing.
- Scale: 15+ manufacturing units across South and West India.
- FY25 revenue: INR 1,500–1,600 crore; revenues quadrupled in five years.
- Exports: ~60% of revenue; diversified across banking hardware, power, data‑centres, renewables, and auto.
- Adviser: Avendus Capital for Nash Industries.
Conclusion
The ChrysCapital–Nash Industries deal adds heft to India’s manufacturing upcycle narrative: a scaled EMS and box‑build platform tapping export‑led demand with private equity backing for technology, talent and capacity. Disclosure of precise transaction metrics may follow, but the broad contours indicate a growth‑capital partnership geared to accelerate Nash’s multi‑geography ambitions.
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