Latest Chandan & Chandan Industries News
Jun 14, 2013
Private Equity | 14 June 2013 Tata Group Plans To Invest In Chandan & Chandan Industries by Pranav Puri @pranav Tata Group is set to invest R1 Cr in Delhi-based Chandan & Chandan Industries, a company incorporated to manufacture industrial helmets for 33% stake, ET states. Nand Kishore Chandan, a Dalit entrepreneur, will hold the remaining two-third stake in the company. The helmet manufacturing project is estimated at R3.05 Cr, of which Chandan's contribution is R2.05 Cr and the installed capacity is around 3 Lac helmets p.a.. The venture, has already received its first tranche of orders for over 50,000 helmets from a clutch of group companies including Tata Steel, Tata Motors, Tata Housing, and Tata Projects. Chandan is an electrical engineering diploma holder and a veteran in plastics moulding.At the start of his career in 1990, he worked as shop floor employee and by 2001 he was inducted as a partner in the plastic moulding company he worked for. The company did well by manufacturing plastic spares for photo copying machines. In 2012 he bought out the partners, acquired the plant spread over 1200 sq mt in Ghaziabad for R1.82 Cr, and also renamed the company. The Tatas are also exploring the possibility of floating a section 25 (not for profit) company enterprises under the Companies Act to channelise more investments into several other Dalit-owned enterprises. Apart from investing in Dalit enterprises, the Tata Affirmative Action Programme also works on employment, employability, and education programmes for Scheduled Caste and Scheduled Tribe communities. Recently, DICCI SME Fund, a venture capital fund initiated by the Dalit Indian Chambers of Commerce and Industry has received SEBI’s approval to raise R500 Cr for 10 years through close ended fund. It got an initial contribution of R10 Cr by the SIDBI and Varhad group also invested R5 Cr, business houses like Tata Group, Thermax, Godrej, and Forbes Marshall were keen to help DICCI in setting up the fund.