ChrysCapital Acquires Minority Stake in Nash Industries

New Delhi, February 4, 2026:In a significant move within India’s high-growth Electronics Manufacturing Services (EMS) sector, homegrown private equity giant ChrysCapital has acquired a minority stake in Nash Industries, a Bengaluru-based design and manufacturing solutions provider.

The deal, which received approval from the Competition Commission of India (CCI) in January 2026, marks another high-profile investment by ChrysCapital as it doubles down on the “Make in India” manufacturing wave.

The Deal Details: Valuation and Scale

While the specific financial terms remain officially undisclosed, industry insiders suggest that ChrysCapital, through its affiliates (ChrysCapital Fund X, Two Infinity Partners, and Blue Wave Investments), picked up an estimated 30% stake. The transaction reportedly values Nash Industries at approximately ₹6,000 crore.

Nash Industries at a Glance

Founded in 1971, Nash Industries has evolved from a traditional engineering firm into a sophisticated manufacturing powerhouse.

• Infrastructure: Operates 15 manufacturing facilities across Southern and Western India.
• Revenue: Reported a turnover exceeding ₹2,100 crore (approx. $250 million) for the most recent fiscal year.
• Workforce: Employs over 1,300 specialized personnel, including a dedicated team of 150+ design engineers at its R&D arm, Nash Tech Labs.

Strategic Significance: Beyond Metal Stamping

Nash Industries is far more than just a component maker. It provides integrated “box-build” solutions—a high-margin segment where an EMS firm handles everything from PCB assembly to final product packaging.

The company serves more than 15 Fortune 500 companies across a diverse range of mission-critical sectors:

• Aerospace & Defense: Precision parts for aircraft and defense systems.
• AI & Computing: Recently unveiled its first family of “Make in India” motherboards based on Intel’s Raptor Lake architecture.
• Clean Energy: Components for EV chargers, solar inverters, and battery energy storage systems (BESS).
• Healthcare: High-precision parts for medical devices and imaging equipment.

Why ChrysCapital?

This investment is a textbook example of “sectoral conviction.” ChrysCapital has been on an aggressive manufacturing spree, having recently invested ₹1,100 crore in ILJIN Electronics (another EMS major).

By backing Nash, ChrysCapital is positioning itself at the center of the global supply chain shift. As Raghav Ramdev, Managing Director at ChrysCapital, noted, Nash’s capabilities in mechanical and electronic domains perfectly align with the demand for AI hardware and clean energy infrastructure.

Market Outlook: An $80 Billion Opportunity

The timing of the deal is impeccable. India’s EMS market is projected to reach $80 billion by 2030, fueled by the government’s Production Linked Incentive (PLI) schemes and a global “China Plus One” strategy.

With the fresh infusion of capital, Nash Industries is expected to pursue:

1. Technological Upgrades: Expanding its specialized PCB and high-end electronics assembly lines.
2. Global Expansion: Strengthening its sales presence in the US, Europe, and Japan.
3. Inorganic Growth: Potential acquisitions of smaller, niche tech firms to broaden its patent and product portfolio.

This partnership underscores a new era for Indian manufacturing, where legacy engineering excellence meets the financial muscle of private equity to create world-class industrial leaders.