Norwest acquires minority stake in Padmini VNA Group for Rs 750 cr

Mumbai, Dec 16 (PTI) Automotive innovation and sustainable mobility solutions provider Padmini VNA Group on Tuesday said global venture and growth equity investment firm Norwest has acquired a minority stake in the company for Rs 750 crore.

Together, PVNA and Norwest aim to accelerate innovation in clean and connected mobility solutions, strengthen the group's leadership in high-growth segments, and support its long-term transformation through global market expansion, it said.

The group comprises Padmini VNA Mechatronics, PV Clean Mobility Technologies, and Padmini E-Drive, offering advanced solutions in mechatronics, electronics, and clean mobility technologies.

"With more than 100 patents and a strong in-house R&D culture driven by over 200 R&D professionals, we have consistently focused on building differentiated, future-ready solutions for evolving urban transit and mobility needs. Partnering with Norwest is a strong validation of this journey and our ambition to build a truly global, innovation-led Indian mobility enterprise," PVNA Managing Director and Chairman Kabir Bhandari said.

Founded in 1991, the promoter-driven PVNA Group is a pioneer in automotive innovation and sustainable mobility solutions focused on developing next generation connected mobility technologies.

"With this minority investment, we enter our next phase of growth, focused on scaling the group through organic expansion and strategic acquisitions, deepening relationships with marquee Indian and global customers, and strengthening our presence across high-growth clean, connected, and urban mobility segments," PVNA Chief Operating Officer Viveka Bhandari said. PTI IAS TRB