360 ONE Asset invests USD 16 million in CoreEL Technologies to boost aerospace and defence growth
Dec 05, 2023
Bangalore (Karnataka) [India], December 5 : CoreEL Technologies, a player in Technology Development, Systems Engineering, and Products Manufacturing for the Aerospace and Defence sector, has secured a significant investment of approximately USD 16 million from 360 ONE Asset Management Limited (formerly known as IIFL Asset Management Limited) ("360 ONE AMC").
This funding, aimed at a minority stake, is expected to propel CoreEL's growth trajectory by facilitating Research and Development (R&D), new product development, expansion of manufacturing capacity, and other strategic initiatives.
Headquartered in Bangalore, CoreEL Technologies specializes in designing, manufacturing, and supplying advanced electronic products and complex systems to the Indian Aerospace and Defence Industry, including the Ministry of Defence.
The company's electronic solutions have found applications in India's cutting-edge Radars, Missiles, Electronic Warfare systems, Avionics, SONARS, and more.
CoreEL has garnered recognition from prestigious entities like the Ministry of Defence (MOD), the Defence Research and Development Organization (DRDO), and various industry associations for its innovative products and processes.
Vishwanath Padur, Managing Director of CoreEL Technologies, expressed enthusiasm about the investment and the growth prospects it opens up.
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."
This strategic investment underscores the confidence in CoreEL's capabilities and the promising future of the Aerospace and Defence sector in India.
The collaboration is poised to strengthen CoreEL's position in delivering advanced electronic solutions for critical national and international defence programs.
