Private credit platform Modulus Alternatives Investment Managers Ltd has recently invested Rs 105 crore in Shivam Autotech, a leading transmission gear and shafts manufacturer. This investment is part of Modulus Alternatives’ commitment to invest a total of Rs 150 crore in Shivam Autotech, and the funds will be utilized for both growth and working capital purposes.
Shivam Autotech, a subsidiary of the Hero Group, is the 16th investment by Modulus Alternatives, bringing the total invested capital in their private credit platform to Rs 1,895 crore. Modulus Alternatives’ latest investment comes from their second private credit fund, India Credit Opportunities Fund II (ICOF II), which was launched earlier this year.
The Chief Investment Officer at Modulus Alternatives Investment Managers Limited, Rakshat Kapoor, expressed confidence in Shivam Autotech’s potential as a mature auto-component manufacturer. With its expanded product line and partnerships with major automakers, Shivam Autotech is well-positioned to capitalize on future growth opportunities in the automotive industry.
ICOF II, a category II Alternative Investment Fund (AIF), aims to achieve a corpus of Rs 1,250 crore, with a green shoe option of Rs 500 crore. The fund has already received significant interest from investors, raising commitments of over Rs 200 crore in a short span of time. By investing primarily in mid-sized companies in the performing credit space, ICOF II provides experienced investors with opportunities for higher debt yields.
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