CoreEL Technologies raises $16 million from 360 One Asset

economictimes.indiatimes.com:

360 One Asset Management, formerly known as IIFL Asset Management, on Tuesday said it will invest $16 million in CoreEL Technologies.

The funds will be used to accelerate CoreEL’s growth plans including research and development, new products development and augmenting manufacturing capacity, it said in a statement.

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Headquartered in Bangalore, 1999-founded CoreEL designs, manufactures and supplies advanced electronic products and complex systems to the Indian aerospace and defence industry including the ministry of defence.

CoreEL’s products have been deployed in India’s next-generation radars, missiles, electronic warfare, avionics and sonars, among others, the statement added.

“We are further working to develop some of the most advanced electronic systems for many strategic programmes. 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,” Vishwanath Padur, managing director, CoreEL Technologies, said.

“We are excited about the opportunity enfolding in the Indian defence sector. Government policies such as Atmanirbhar, DAP 2020 are placing greater emphasis on self-reliance and indigenization and hence, bringing a tectonic shift in the industry structure and opportunities available for private enterprises in the country,” Nidhi Ghuman, senior executive vice president, 360 One AMC, said.